1990 – Michael Bloomberg starts Bloomberg Business News. The name later changes to Bloomberg News.
Bloomberg LP found in the 1990s that there was a similar position at the top of the business journalism spectrum – providing news on an immediate basis for traders and Wall Street professionals.
Started in 1990 to complement financial data and analysis of stocks and bonds, the Bloomberg news service grew quickly and became a major competitor of the existing business wire services at Reuters, Dow Jones and the Associated Press. With a new player in the market, the other wire services were forced to improve their coverage and the speed at which they reported major stories.
By the mid-1990s, Bloomberg had placed one of its computer terminals – which carried its stories as well as vast amounts of data on companies – in virtually every major business newsroom for free. In return, all Bloomberg asked was that the publication give it credit when it ran one of its stories or used its data to create a chart or graphic. Newspapers began regularly running stories from the Bloomberg wire, preferring its coverage to its competitors at times because of the speed at which it was delivered and the focus on the market. In the 1990s, as the stock market went through a decade-long boom, information about the market became required coverage.