Bloomberg Businessweek is about to undergo “deep change.” In a memo to staff sent early Thursday, EIC John Micklethwait and CEO Justin Smith alluded to impending layoffs and desk shuffling, in addition to announcing changes to top leadership.
Megan Murphy is now editor-in-chief of Bloomberg Businessweek. She replaces Ellen Pollock, who took the role last October after Josh Tyrangiel left for Vice News.
Deputy editor Brad Wieners is also leaving, though managing editor Kristin Powers will remain with the company.
Murphy, who’s been at the helm of the Bloomberg News Washington Bureau since September 2015, will lead a relaunch of the magazine in Q2 2017. The magazine will print as is until then.
Bloomberg Businessweek will also add the new role of publishing director to focus on consumer marketing and digital subscriptions, as well as ad sales. This role will work as a business-side partner adjacent to Murphy.
In the memo, Micklethwait and Smith praised Pollock for her work while promising to transform Bloomberg Businessweek’s editorial mission and business model.
“To step back, BBW, for all its successes, faces some deep challenges. The magazine is not integrated enough into the rest of our editorial operations. And BBW's business model has also not evolved as quickly as the market around it — and does not have enough of a focus on digital innovation,” the memo reads.
“The revenue model is still too reliant on declining print advertising rather than digital or multi-platform subscriber revenue. We don’t feel that the franchise fully reflects the scale of Bloomberg’s global presence.”
Editorial changes will include integrating magazine journalists into the greater Bloomberg newsroom. Content will focus in on business and finance, with more daily news offerings and, of course, more digital.
“What will emerge from this will be very different from the stand-alone magazine you all write for at the moment which Ellen has led so diligently,” the memo reads.