Bloomberg Discusses Internet Threat to Core Business On CEOLive.com.Business Editors/Internet Writers LOS ANGELES--(BUSINESS WIRE)--Jan. 25, 2000 In a recent interview with CEOLive.com's Marc Holland, Michael Bloomberg, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bloomberg L.P., discussed the impact the Internet was having on the rental of Bloomberg terminals. When asked by Holland whether the Internet was a threat, Bloomberg responded: &uot;Well, it's certainly not a threat, but I keep worrying about whether it's an opportunity. The Internet is perfectly suited for an individual investor,&uot; he said, &uot;but I hope not for professionals. The economics are such that we can't afford to lose very many terminals to the Internet.&uot; With 115,000 to 120,000 Bloomberg terminals sitting on the desks of institutional investors, analysts, brokerage firms and mutual funds, each generating around $1,500 a month, Bloomberg has cause to worry said Holland. &uot;If people can get the same quality of professional information via the Web,&uot; he said, &uot;Why fork over $18,000 plus a year?&uot; Holland noted that although the Internet may pose a similar threat to Bloomberg as it did to Nexis-Lexus, he has faith that Bloomberg's multi-layered media strategy will mitigate the downside risk Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. Notes: You can think of this as an estimate of the amount that you could lose on a stock or other investment. . &uot;Bloomberg.com is doing strong and logging 4 million visitors each month,&uot; said Holland. &uot;Their radio syndication strategy is giving them coverage in key markets and WBBR is holding its own in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. .&uot; During the interview, Holland and Bloomberg also discussed the impact that the abundance of free information available on the Internet was having on the stock market. &uot;There's no free lunch in life,&uot; said Bloomberg. &uot;Free information is making the market more volatile. Certainly with Internet stocks. Internet stocks don't trade on numbers; they trade on conversations that take place on chat lines. This isn't news, it's entertainment.&uot; The entire interview is available free online at http://www.ceolive.com. About CEO Live.com CEO Live.com is an online audio business magazine that features interviews with leaders from the worlds of business and technology. The company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of InterRep Information and Communication Services, Inc., which produces radio programs for online magazines, a network of corporate Web sites and several major airline carriers. CEO Live.com was founded by Marc Holland, who personally conducts many of the interviews. Holland stated, &uot;We are committed to providing executives with insights from leaders who are reshaping their industries and the business world.&uot; Also appearing on CEO Live.com are Michael Bloomberg of Bloomberg, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Keith Krach (ARBA), Lars Nyberg (NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers ), Kevin O'Connor (DCLK DCLK Doubleclick Inc. (stock abbreviation, AMEX) DCLK Deputy Clerk DCLK Digital Clock DCLK Double Click ), Walter V. Purnell, Jr. (SKYC), Mark Logan (VISX), George Schmitt (OMPT OMPT Orthopedic Manual Physical Therapy ), David Hanna (CCRT CCRT Core Conflictual Relationship Theme CCRT Conseil Canadien de la Réadaptation et du Travail (Canadian Council on Rehabilitation and Work) CCRT Cape Cod Rail Trail (Massachusetts, USA) ) and D.R. Grimes (NTBK). |
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