Unlike many news organizations, Bloomberg LP is growing, though whether the company’s culture will survive is in doubt, Seth Mnookin writes in Vanity Fair. Michael Bloomberg, mayor of New York and the company’s majority shareholder, no longer oversees day-to-day operations. And the chief architect of the financial services firm’s expansion into the news business appears to have been demoted.
Things aren’t bad for Bloomberg by any measure. Top-level hires, savvy exploitation of decreased coverage in the newspaper market, and a presence in 135 cities worldwide brings the company an estimated $1.5 billion yearly profit. But the engine of that success, Matthew Winkler, has stepped out of the spotlight. Whether Bloomberg can continue its idiosyncratic success under new management is up in the air. (Read more Michael Bloomberg stories.)