Bloomberg Media Group has announced to have roped in Justin Smith as its new CEO. The current Atlantic Media president will join Bloomberg Media Group on September 16. Bloomberg Media includes digital, TV, magazine and radio, mobile and syndication businesses of Bloomberg L.P. The financial news powerhouse said today that Andrew Lack, who has been the chief executive of the group since 2008, will now become chairman. Bloomberg has come under attack by several large banks for spying and using their data in an inappropriate manner.
Bloomberg needs transformation
At Atlantic Media, Justin Smith is known to have transformed The Atlantic magazine by adopting digital strategy. After the spectacular restructuring of the company, he was promoted to president. His promotion further helped The Atlantic enter into new business areas. Before joining Atlantic Media in 2010, Justin Smith worked as the publisher of The Week. He also served as the chief of corporate strategy at The Economist Group.
Bloomberg Media Group said Justin Smith has helped The Atlantic connect with readers that care more about news as well as ideas. Bloomberg is trying to achieve the same objective with its Bloomberg View and Bloomberg Businessweek, reports Lucia Moses of AdWeek. Smith turned The Atlantic into a forum for strong voices like Andrew Sullivan and James Fallows, says David Liberman, financial editor at the Deadline New York. He launched digital ventures including Quartz and Defense One.
It’s Bloomberg’s second offer to Justin Smith
Justin Smith will report directly to CEO Daniel Doctoroff. Smith said in a statement that he has long admired the entrepreneurial and ambitious culture of Bloomberg. The New York-based financial news giant is trying hard to spread its influence on other platforms and subsequently lower its dependence on data subscription revenues. It acquired Businessweek with the same spirit. Bloomberg had offered Justin Smith to become its global publisher when it acquired Businessweek, but things didn’t work out back then. Meanwhile, the company has diversified into legal and government information services.
Bloomberg L.P. is a private firm founded and owned by New York Mayor Michael Bloomberg. However, the NY Mayor doesn’t get involved into the company’s day-to-day operations.