Bloomberg Will Return To Media Biz After City Hall, Eyes Philanthropy

The mayor of New York plans to keep his former day job. Michael Bloomberg, the founder and principal owner of the media and financial-data company bearing his name, told employees Wednesday he has no plans to sell the business.

Bloomberg said interested buyers have approached him, but a sale is not imminent. Bloomberg, the CEO of Bloomberg L.P. until his election to New York's top job in 2001, delivered his remarks through company Chairman Peter Grauer in a video address.

"Although there will come a day (I hope later rather than sooner) when I or my estate will have to sell, I have complete confidence that the best days for the company still lay ahead," Bloomberg said in a prepared statement.

Bloomberg reiterated his plans to become a big-time philanthropist after he leaves office. He's a substantial one now, though he plans to give away billions garnered from the company's operations.

"Over the next few years, I plan to share the results of our success with deserving causes through my foundation," his message said. "Hopefully, we can impact public health, the arts, education and other areas of society in the same way we've improved the dissemination of news to open financial markets for all."

Besides the cash-cow "Bloomberg boxes" that provide a wealth of financial data and information for professionals, the company runs a news service, TV n network, a radio service and a magazine.



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