Bloomberg Dismisses Sale Rumors

NEW YORK, October 19: New York City Mayor Michael Bloomberg
has dismissed speculation that his news and information company is for sale,
but he did acknowledge that he had been approached by several buyers.

Bloomberg L.P.’s businesses include the Bloomberg News wire
service and the 24-hour Bloomberg Television channel, as well as the financial
and market data provider Bloomberg Professional, a radio service, a magazine
and a book publishing entity. Wire reports place the value of the company at
about $12 billion.

Among those eying the company are Blackstone Group and
Kohlberg Kravis Roberts & Company. Bloomberg owns 72 percent of Bloomberg
L.P.

In a video address to employees yesterday, Bloomberg’s
chairman Peter T. Grauer relayed a message from Mayor Bloomberg: "I've
said many times that my next career will be in philanthropy. While I have recently
been approached by potential buyers of Bloomberg L.P., I have decided not to
sell the company at this time. Although there will come a day (I hope later
rather than sooner) when I or my estate will have to sell, I have complete
confidence that the best days for the company still lie ahead. New products,
new markets, new services are constantly being created by the one of the most
dynamic groups of people ever assembled. I couldn't be prouder to be a part of
this group whose exciting growth and contribution to commerce are the envy of
the world. Over the next few years, I plan to share the results of our success
with deserving causes through my foundation. Hopefully we can impact public
health, the arts, education and other areas of society in the same way we've
improved the dissemination of news to open financial markets for all."