Hours after Bloomberg LP cut roughly 80 staffers, its editor in chief—John Micklethwait—sent out a memo attempting to explain the future of the company. The note was entirely too long, and so here’s a summary: Bloomberg is ditching the idea of being a general news site and instead focus on bankers and financial news.
Micklethwait wrote that the sports and education coverage is no more, because “people don’t turn to us first for news on schools or baseball.” With that content gone, two new additions “Bloomberg Gadfly” and “Daybreak” have come into the fold. The former was described as a “fast commentary team,” the latter as “our custom morning briefing.”
While Micklethwait noted that Bloomberg would be editorially independent, he made sure that everyone who survived the cuts understood that the company would focus on praising the rich.
“So if you are not intrigued by how people make money, or are inclined to sneer at those who are good at it, or yearn to practice ‘gotcha journalism’ on investment bankers simply because they’ve chosen to be bankers, Bloomberg is probably the wrong place for you.”