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Upstarts launch breaking-news assault on Bloomberg

By
Kevin Dugan
Published Oct. 13, 2015, 3:27 p.m. ET

Wall Street’s war on Bloomberg has opened up a new front: breaking news.

Rival upstarts Symphony and Money.net are racing to build out rapid-fire news services to compete with one of the most profitable operations at Mike Bloomberg’s financial news and data giant — and they’re both seeking to enlist a recently departed Bloomberg veteran to help out, The Post has learned.

Symphony, backed by Goldman Sachs and other big banks, and Money.net, run by a former Bloomberg global head, are planning to launch their own separate news, data and analytics packages aimed at Bloomberg’s First Word service, according to three people familiar with their plans.

The fresh assault comes about a month after former Global Executive Editor Kevin Reynolds, a 23-year veteran of the company who helped launch First Word, left Bloomberg amid layoffs, low morale and high-level departures.

Both companies have reached out to Reynolds, according to sources. Reynolds declined to comment, while neither company would address any specific hiring discussions.

“We at Money.Net are in the process of interviewing and hiring top talent for our financial news speed desk,” said Morgan Downey, CEO of Money.net.

Money.net is aiming to launch its competing service in the next couple of months, according to a person familiar with the situation. The company is also looking to hire about 20 journalists, data scientists and developers in New York for the service.

Symphony’s expansion into breaking news, expected to go live in 2016, comes after the company raised $100 million from Wall Street and Silicon Valley heavy hitters. Earlier this year, the company launched a chat and messaging system to rival Bloomberg’s popular instant-messaging function.

“Symphony does not see Bloomberg as our competitor,” said Symphony spokeswoman Samantha Singh.

Bloomberg’s $24,000-a-year financial news and data terminals are a fixture on trading floors. They are also the company’s lifeblood, supporting a slew of money-losing operations such as TV and radio.

Bloomberg First Word employs thousands of reporters and editors around the globe who comb through press releases for news and distill it into bite-sized chunks for high-speed traders.

Ty Trippet, a Bloomberg spokesman, declined to comment.