Out of the blue, Bloomberg LLC, the financial news service giant created by New City mator Michael Bloomberg, created a new position to fit the size of its new recruit: Norman Pearlstine. The man is a veteran editor: 22 years at the Wall Street Journal (including 9 at the top news executives) and 11 years as the editor-in-chief of Time Inc where he oversaw 154 publications and acquisitions of two portfolios worth $2bn. Another particularity of Pearlstine is its career in the private equity business. He joined the Carlyle Group in 2006 where he worked in the media and telecommunication division.
Why bringing up this résumé? Because it fuels further speculation that Michael Bloomberg could buy the New York Times, and combine its operation with Bloomberg (see Monday Note’s special report about the battle of newspapers in New York). As New York Times Dealbook put it, “Mr. Pearlstine’s hiring — and [Bloomberg Press release] talk of “growth opportunities” — might signal that Bloomberg LP is more apt to be a buyer than a seller these days”. Rupert is watching closely.
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