Illustration from Newsweek website by Radio
The November 28, 2011 edition of Newsweek has a six page spread on Michael Bloomberg’s media empire. It is an empire built on the income he earned with his company that provides specialized data to Wall Street traders and stock brokerage companies.
The spread attempts to frighten readers with the possibility that very soon Bloomberg L.P. will control so much of the American media that it will impact almost all of society. It is something on the order of Rupert Murdoch’s control of the media in the U.K. through his News Corporation. The Murdoch holdings include 20th Century Fox and Fox Television.
The indictment is questioning the right of powerful, successful business men to enlarge their business empires. If we stop this from happening we turn our back on the right to become extraordinarily successful. It would be a strike against capitalism an free enterprise. Free enterprise is a core American value.
If we look at history we have seen the rise and fall of many businesses that appeared indomitable. There was a day when General Motors manufactured more than 60% of all the vehicles sold in the United States. Not too long ago we feared the rise of the Japanese model that would soon overtake the United States. AOL seemed to be a force that no other company could replicate. Ted Turner dominated cable television. The Washington Post was the owner of the very successful Newsweek magazine that is now a shadow of its former self. What ever happened to RCA and Zenith? McGraw-Hill founded Business Week magazine but it was on a path to death until Bloomberg bought the publication and has made it thrive.
Bloomberg L.P. is an honest business that is thriving in a down economy. It is thrilling to realize that some people can see the opportunities that others cannot. We should all celebrate Michael Bloomberg’s success and try to emulate his methodology.
P.S. I would have written this to Newsweek but there is no letters to the editor column.
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