Bloomberg will acquire BusinessWeek magazine from McGraw-Hill Cos, it was announced yesterday. The terms of the arrangement were not made public, but ‘knowledgeable sources’ said the price is between $2 million and $5 million, reports BusinessWeek.

The BusinessWeek sales process has had ‘plenty of turns’ over the last three months, paidContent comments. It charts the sale to Bloomberg though its archive of links.

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Bloomberg has launched a new-Japanese language version of its website offering news, photos, graphics for a Japanese audience and tools for tracking the Japanese market.

Below is a screenshot of the new site, bloomberg.co.jp:

Full details of the new site can be found in the Bloomberg release at this link.

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The Washington Post and Bloomberg are to launch a new global news service next January offering 120 stories (plus photos and graphics) from the Post and agency.

The wire content will be available to subscribers to Bloomberg’s Professional service.

The move follows the Post’s announcement earlier this week that it would end its long-standing news wire service with the LA Times.

Full story at this link…

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Last week (Thursday May 28) Bloomberg’s former multimedia editor, Abhik Sen, spoke to journalism students at City University on a range of topics:

MPs’ expenses:
Revelations about MPs’ expenses would not have had as much impact if the story had been broken online, the former editor of multimedia at Bloomberg told students. “There are still some stories which work much better in traditional formats,” he said. “The MPs’ expenses story could have been broken in any format but it would not have had the same impact if it hadn’t been print.”

“The resulting chaos in Westminster probably would not have happened if it had broken on a blog or website. That medium just doesn’t have the same impact as the front page of a newspaper does.”

Sen added that the gradual ‘drip feed’ of information in the daily papers and sustained ‘wall-to-wall coverage’ in the Daily Telegraph allowed the story to build a momentum that would not have been possible in the rolling news environment of the web.

Where multimedia works best
He emphasised that online journalism continued to surpass traditional formats in  providing ‘more detailed, more thoughtful’ coverage and a ‘360 degree view’ of any story.

“For the swine flu story, for example, you get the headlines in the newspapers and the footage on the television channels, but for a comprehensive view you have to go online and look at videos, stories, first person pieces, interactive graphics, maps,” he said. “That rule holds true for pretty much every big story, from Obama to climate change.”

“TV and newspapers are the entry point for the news cycle,” he added. “Only people who are particularly interested in a story will then go digging for more stuff online. But that’s when they will expect comprehensive, meaty content.

“Then, multimedia journalists have to take the game to the next level: beyond the headline, beyond the immediate soundbite.”

Sen’s tips for journalists
“In tomorrow’s world, which is pretty much today’s world, there is no media organisation which is not thinking multiplatform,” the former multimedia editor at Bloomberg. “Everyone will have to be a multimedia journalist of some sort. The earlier you get familiar with the grammar of multimedia, the easier and better it will be.”

• Planning is important. “Most bad multimedia pieces flounder because not enough thought has been put into what you are trying to communicate,” he warned. “Think about how your story could best be told and what sort of interactivity you want to offer.”

• Get creative. The challenge for multimedia journalists covering diary stories, such as the G20 protests, is to find a way of reporting that is “original, refreshing, different from the newspapers and television, and yet complimentary,” said Sen. “You must build on what others have done, but also do what others cannot do.”

• Think flavour, not just facts. “In a multimedia piece, you need to convey not just who was there and what happened, but what was it really like?” he said. “You need to capture things that make the piece alive. They might look small at production stage, but become really interesting and useful at the editing table.”

• Less is more. “Five minutes is an eternity in news time,” he warned. “Most multimedia pieces won’t ever run for more than a few minutes.”

• Always shoot action and emotion. “It doesn’t need to be someone fighting a war, but you need mobility or some dynamic element,” he advised. “It might be someone’s eyes floating from left to right, clinking glasses, natural sunlight.”

• Develop skills beyond conventional journalism, or work with somebody who has. “A graphic designer is critical to a multimedia project,” said Sen. “It’s up to them to bring all the elements together and present them in a way that can either make or break a multimedia piece.”

• Keep the big picture in mind. Remember that neither audio or visual will ever work alone in a final multimedia production. “They will be next to text, or on top of a picture, so always have an idea of the final product in mind,” said Sen. “Then you don’t always have to face the dilemma of dropping or cutting to fit.”

• But if in doubt: “Shoot first, make up your mind later,” he advised.

Sen, who spent more than a decade as a television and newspaper journalist before joining Bloomberg, added that these skills should be developed in addition to, not at the expense of, the traditional journalist’s toolkit. “The nuts and bolts remain the same. Good journalism, solid reporting, news judgement and good writing skills are as important online as off,” he said.

Sen’s favourite multimedia packages:

• Barack Obama’s first 100 days by the Guardian: “Every media organisation ticked the box and reported that he’d completed 100 days,” said Sen. “For flesh on the bone, you go to a place like this.”

• Talking to the Taliban by the Globe and Mail: “This is interesting, surprising and offers different takes on a lot of things,” he said. “It’s an interesting way to come at the story.”

• Economy Tracker by CNN: “Somebody has done the hard work of crunching numbers and then somebody has made it into a really visual, interesting piece of work,” said Sen. “It’s a good example of telling a big story simply but effectively”.

• Forty Years of Respect by the Detroit Free Press: “This not only covers the story but involves the audience in many ways, which a good multimedia piece should always try to do,” he said.

Related link:

Alison Battisby’s report on her blog: ‘Everyone will be a multimedia journalist,’ says ex-Bloomberg editor.

Lara King is a freelance journalist and blogs on the media at www.lara-king.co.uk.

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The financial world’s decision makers are turning to TV channels for their news, according to research from the Global Capital Markets Survey (GCMS).

CNN International was the most popular news channel amongst these users, the survey suggests, above BBC World, CNBC and Bloomberg, according to a press release.

There’s a full breakdown of the media sources and their audiences within this sector at this link.

According to the results, CNN.com and CNNMoney.com were ranked second behind Bloomberg in terms of popularity for news sites – closely followed by Reuters.com, FT.com and WSJ.com.

The research was conducted by the Think Media Consultancy on a group of senior bankers, chief financial officers and treasurers of the world’s largest financial organisations, over a period between October 2008 and March 2009.

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According to the Observer, Bloomberg has turned to its behind-the-scenes staff to try out in front of the cameras to boost its news output follow layoffs.

Full post at this link…

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The death of Apple founder and CEO Steve Jobs was prematurely announced yesterday afternoon by Bloomberg.

A pre-prepared stock obituary was accidentally posted to Bloomberg’s corporate client wire service, even through the story was marked ‘Hold for release – Do not use’.

It was quickly spotted by a user, and sent to Gawker.com, where the obituary can still be read in full.

Bloomberg was quick to retract the story, and yesterday published a message on its wire saying: “An incomplete story referencing Apple Inc. was inadvertently published by Bloomberg News at 4:27 p.m.New York time today.”

At Telegraph.co.uk Matthew Moore reports: “The stock obituary was published ‘momentarily’ after a routine update by a reporter, and was ‘immediately deleted’, Bloomberg said.”

According to Moore, ‘Jobs has been reluctant to publicly discuss his health, but recently denied claims that his cancer [from which he has previously suffered] had returned’.

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A group of Belgian newspapers are seeking up to £39m (€49m) in damages from Google for the search giant publishing and storing their content without permission or offering payment.

Last year Google lost a case brought against it by the Copiepresse group – an organisation that represents the French language press in Belgium – forcing it to remove cached versions of newspaper articles and take down content from its Google News service

The organisation’s secretary-general told Bloomberg yesterday it had summoned Google to appear again before a Brussels court so that it could decide on the damages. Copiepresse is seeking between €32.8 and 49.1m.

The damages would be in addition to the €25,000 (£20,000) daily fine imposed on Google by the court for each day it kept Copiepresse material on its site.

Google appealed the original court decision of February 2007, which ruled that it could not claim ‘fair use’ – acceptable under copyright law – for using a lines of text and linking to the original article.

A Google spokesperson told Bloomberg that it was still awaiting the results of its appeal and that it had not received notification from Copiepresse of any new court dates.

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