Michael Bloomberg Regains Control of Company for Another Term, Renames It ‘Newer York City’

(Photo Credit: Anthony Correia / Shutterstock)

NEW YORK — Barred from running for a fourth term as mayor, Michael Bloomberg changed the law he once supported and spent over $100 million of his own money to win reelection. Now out of public office, Bloomberg is seeking to regain commandover the global city from his old office at Bloomberg L.P.

Running for mayor in 2001, Bloomberg relinquished control of the New York-based financial software, data and media company he started 20 years prior. Once called Innovative Market Systems, Bloomberg L.P. is now set to become “Newer York City,” a sole direction of the former mayor.

The change, first announced to subscribers of the financial terminals that bear Bloomberg’s name, becomes official after his longtime friend, Daniel Doctoroff, steps down as chief executive at the end of the year.

The handover was amicable, “more Putin-Medvedev-Putin than a hostile takeover,” said Doctoroff, himself a former deputy mayor.

Unsatisfied with the 88 percent ownership stake in the company, Bloomberg quickly assumed a more active role at the company—far more than the “few hours a day working from his new desk on the fifth floor” Doctoroff promised employees back in January.

Sensing the inevitable, Doctoroff resigned—over Bloomberg’s protestations—and agreed to assume a role on the board of Bloomberg’s philanthropic foundation.

Bloomberg, who has opted against reclaiming the title of chief in favor of “mayor” of the company, is expected to enact sweeping changes at the company.

Franklin Peters, a senior vice president for business news, indicated that Bloomberg would likely “trim the fat” off the company, which stands at 16,000 employees worldwide—all called “Newer Yorkers” under the returning regime.

“The soda machines are already being carted out of the building,” Peters noted.

Security will be just as tight as employees’ bodies are expected to be. Employees will be subject to random “stops and frisks” to ensure that they are not carrying any candy bars or cigarettes.

The world’s 16th richest person—according to Forbes—also plans on expanding the company’s skills training program. Before employees can start enrolling in classes, however, Bloomberg will have to smooth over differences and reach an agreement with the union leader from human resources.


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