Bloomberg's News Division to Lay Off About 50 People

Bloomberg LP's news division will lay off about 50 people or about 2% of its newsroom, according to people familiar with the company's plans.

Most of the cuts will come in coverage areas like sports and arts and entertainment, although a small portion will come in Bloomberg's investigative-reporting unit, the people said. Bloomberg has 2,400 people in its newsroom and media group that includes TV, radio and digital journalists. Bloomberg, whose major business is selling financial data on terminals, employs 15,000 people globally.