Abu Dhabi, UAETuesday 24 November 2020

Michael Bloomberg held talks to take media company public

The former New York City mayor's company generates $10bn in revenue a year

Former New York City mayor Michael Bloomberg held talks with US billionaire Bill Ackman about potentially taking his media company public. AFP
Former New York City mayor Michael Bloomberg held talks with US billionaire Bill Ackman about potentially taking his media company public. AFP

Former New York City mayor Michael Bloomberg held talks with billionaire American investor and hedge fund manager Bill Ackman about taking his media company public, the New York Post reported.

Mr Bloomberg would sell a minority stake in Bloomberg LP, which owns the news agency Bloomberg News, Bloomberg Businessweek magazine and Bloomberg TV, to Mr Ackman’s Pershing Square Tontine Holdings, the newspaper reported, citing multiple sources.

Bloomberg would effectively go public through Mr Ackman's company and Bloomberg's stock would trade on the New York Stock Exchange in place of Mr Ackman’s Pershing Square Tontine Holdings, according to the report.

Bloomberg is a $60bn company that generates revenue of $10bn a year and Mr Ackman could potentially buy a 20 per cent stake in the company for $12bn, according to the Post.

Mr Ackman supported Mr Bloomberg’s unsuccessful presidential run this year.

Mr Bloomberg, 78, was the mayor of New York City from 2002 to 2013.

Mr Ackman declined to comment through a spokesman. A Bloomberg LP spokesman said the company is not for sale in any form and denied a deal is being discussed.

Updated: October 21, 2020 11:52 AM

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