Bloomberg begins layoffs of roughly 80 journalists

Bloomberg began layoffs Tuesday morning, with the media company expected to cut around 80 newsroom jobs, according to sources familiar with the plans.

The staff cuts have been looming as the company restructures under top editor John Micklethwait, who was hired in late 2014 by founder (and once again CEO) Mike Bloomberg, The Huffington Post reports.

Though Bloomberg still makes billions of dollars annually through its financial data-focused terminal business, Micklethwait has spoken publicly about the company needing to move forward by concentrating on six core subject areas: business, finance, markets, technology, economics and power (government and politics).

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