(image via facebook)
Bloomberg LP has been in the process of consolidating and revamping its online and television properties to make them more competitive has hired former Yahoo! Vice President of Product & Strategy, Yahoo! HotJobs and Yahoo! Small Business Kevin Krim to head up Bloomberg.com. Curiously, Bloomberg.com -- which often has significant scoops in the financial arena -- is not really on the New York new media Chattering Class radar. That may change, though. From the press release:
"In making the announcement, Bloomberg Multimedia CEO Andy Lack, to whom Krim will report, said, 'I am thrilled that Kevin will bring his strong understanding of new media to Bloomberg. His exceptional experience in search, social networking, online content and advertising will prove invaluable to the Bloomberg.com business as we continue to develop our consumer media products.'"
Bloomberg LP, which seemed, on the face of things, a media juggernaut immune to the slings and arrows of this outrageous economy, has been in the process of restructuring for about a year. Much of Bloomberg LP's resistance to the ebbs and flows of the economy is based on their core money-generating product, the Bloomberg Terminal. As Brian Stelter wrote in the Times last summer, "About 85 percent of Bloomberg’s revenue comes from its terminals, which are considered indispensable on trading floors." That formula, of course, has changed as hurting Wall St. firms have been eliminating Bloomberg terminal licenses.