Michael Bloomberg Returns To His Media Empire

Michael Bloomberg

After several successful years as president and chief executive officer of Bloomberg L.P., Daniel Doctoroff will step down at the end of the year to make room for the returning Michael Bloomberg. Fresh off of a 12-year run as mayor of New York, Bloomberg originally had no intention of returning to the media empire he co-founded.

The Wrap reports once Doctoroff steps aside, Bloomberg will once again take the reins of his company, but it was with some reluctance that he agreed to do so.

“This is a sad day for me and my company,” Bloomberg said in a statement.  “I really wanted Dan to stay and continue in his leadership role. But I understand his decision.  I never intended to come back to Bloomberg LP after 12 years as mayor.  However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it – in large part, due to Dan's efforts.

During Doctoroff's tenure at Bloomberg L.P., company revenues increased from $5.4 billion in 2007 to over $9 billion in 2014 and its market share increased from 26% to 32%, according to a statement. The company also touted that Bloomberg News added over 500 reports and editors, bucking reduction trends seen elsewhere. Additionally, Doctoroff helped steer Bloomberg L.P.'s diversification, helping it weather the economic downturn of the latter 2000s, according to the company statement.

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