Mayor Bloomberg Says His Company Is Not for Sale

Ivy Schmerken, Wall Street & Technology

New York City Mayor Michael Bloomberg has been approached by potential buyers of Bloomberg L.P., the multibillion-dollar financial information, market data, analytics and media company he created, but he has decided not to sell the company at this time, according to a release.Bloomberg L.P. Chairman Peter Grauer read the founder's message to company employees during his quarterly video address, the release stated.

"I've said many times that my next career will be in philanthropy. While I have recently been approached by potential buyers of Bloomberg L.P., I have decided not to sell the company at this time," stated Bloomberg in his message.

Although the Mayor acknowledged that someday he or his estate will have to sell, Bloomberg said the best days of the company are still ahead, citing new products, "new markets, new services that are constantly being created by one of the most dynamic groups of people ever assembled."

According to an article in the New York Times, private equity firms have expressed an interest in buying the company to Wall Street bankers, while other potential suitors include McGraw Hill and Thomson Financial.

Despite recent speculation over Mayor Bloomberg's political ambitions, which include running for president in 2008, the statement reiterated Bloomberg's plan to devote the next phase of his life to philanthropy by sharing his wealth with deserving causes through his foundation.

"Hopefully we can impact public health, the arts, education and other areas of society in the same way we've improved the dissemination of news to open financial markets for all," Bloomberg stated, according to the release. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio