The Hindu Business Line : Washington Post, Bloomberg team up for news service

SAN FRANCISCO: The Washington Post and Bloomberg News are teaming up in a new partnership that will distribute their political and financial coverage to a broader audience.

The venture announced yesterday includes a news service that fills the void created by the dissolution of a 47-year alliance between the Post and the Los Angeles Times. The newspapers disclosed their plans to divorce on Wednesday.

Besides distributing about 120 stories a day beginning January 1 to other news organisations, the Post and Bloomberg will share content with each other and co-produce an online business news page on the Post's Web site.

Financial terms of the arrangement weren't disclosed. The deal will help the Washington Post compensate for staff that has been shrinking in recent years. Like large newspapers across the United States, the Washington Post has been shedding employees bec ause of a steep drop in advertising sales. Its ad revenue from its print edition plunged 27 per cent in the first half of this year, leaving the newspaper with $57 million less to pay its expenses.

New York-based Bloomberg hasn't been as hard hit because it doesn't rely as much on advertising. It caters to investors, bankers and other financial services employees who pay to receive a variety of business coverage and data through Bloomberg terminals . Some of the Washington Post's coverage will now be sent to those terminals. - PTI

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