Fishburn Hedges

03.01.2012

Matthew Winkler, the founder of Bloomberg News, wrote “The Bloomberg Way” as an internal manual for all Bloomberg reporters and editors. It’s now been through 12 editions since 1991, and last month it was published for a broader audience. [Amazon link http://www.amazon.co.uk/Bloomberg-Way-Guide-Reporters-Editors/dp/1118030176]

Given Bloomberg News’ importance for nearly all Fishburn Hedges clients, I thought it worth reading and reproducing some of the highlights below.

It’s a good read, though a pretty long one (over 300 pages).  If you’re a Bloomberg reporter there’s certainly a lot to remember, though in my experience the culture of ‘living’ the Bloomberg Way is genuinely embedded, not least through the rigorous editorial process.

So in Matthew Winkler’s words:

Writing news stories

“The Bloomberg Way obligates reporters to be the agents of their readers and never the agent of their sources”

“Providing news for Bloomberg users is a serious undertaking that requires news judgement…In the Bloomberg Way, five words that begin with F govern news judgement: First Word (because news is a surprise); Factual Word ((something isn’t news unless it’s true); Fastest Word (as every event is shaped by subsequent action); Final Word (as every story must be complete) and Future Word (the meaning of today’s event is enhanced by its relevance tomorrow)”

“Bloomberg News stories have a structure as immutable as the rules that govern sonnets and symphonies…. We have identified the ideal lead as containing four paragraphs….This should include a “quotation – a statement in plain English from an authority who provides support for the theme”  [The four paras cover the what and why; the details; the quotation; and the nut paragraph (aka the cosmic paragraph) which explains why people should care.]

“Include the “why” or the “so what” along with the “what”

“Rely on nouns and verbs, because they are more precise than adjectives and adverbs”

“Bloomberg News does not subscribe the “Not Invented Here” School of Journalism” .. “We immediately report news from other organisations then seek to advance the story…We don’t accept the frequent lapse in journalism that if we didn’t break the news, it didn’t happen..”

“The Bloomberg Way insists that every assertion should be substantiated by a fact, example or anecdote, and that names make news”

“Because situations are rarely black and white, reporters must make every effort to convey the shades of gray”

Quotations – “Easy-to-reach sources are a great temptation because they are helpful, are quick to pick up the phone and give vivid comments.  They are also dangerous, because all they ever give is the soundbite – and they probably will give the same soundbite to the many other journalists who call.  Better to get an opinion from someone with something at stake in the news.” 

“It is essential for reporters to learn how to listen for quotes, how to get people to utter them, how to use them to inspire writing..You may have to needle and wheedle your subjects.  Joke with them. Rephrase the question.  Return to the point again and again.  Never feel guilty about pushing for an articulate point of view.  No one wants to sound stupid.”

“Technology can’t judge the importance of the news in the release.  It can’t discern what was left out of the release that people need to know..”

Being a beat reporter

“The constant collecting of string – details about people, companies, markets and industries – is essential.”

Top 10s – “Reporters should know the most important people and institutions on their beats and collect files and lists on each of them…  Visit and talk to them regularly.”

Covering News

News releases - “The most newsworthy releases are used as the basis for a short story..then we try to add value through background, context, perspective and voices. In our hands a company statement about a new product becomes a story that does many things…Use the Bloomberg to find background, context and perspective.”

“Make copies of primary documents – press releases, regulatory filings, court papers, statements and texts of speeches – available on the system.  Bloomberg News has no space limitations..”

“We correct misspelled names and words that change the meaning of a sentence….Any communication asserting that we made an error must be immediately brought to the attention of a team leader and managing editor..People complaining about a story must always be treated with courtesy.”

Sourcing – “Bloomberg News uses anonymous sources only when necessary to get the story to our readers…On-the-record information attributed to be people and organisations establishes authority and trust….It’s a rare occasion when an anonymously sourced story rises to the quality of our best work”

“Once the decision is made to use anonymous information, we have an obligation to be as transparent as possible.  We don’t want to trivialise the use of an anonymous source by getting into the habit of writing formulaic attribution such as “a person familiar with the situation”.  Attribution must be as specific as we can make it for the situation.”

“Don’t say a person had no comment or declined to comment when we have comment from the person on an anonymous basis.

Attribution – “the first four paras of a story must disclose how we received the information, such as whether it’s from a new release, conference call, interview..”

Interviews

“The best reporters never take no for an answer…We are only as good as the people we know.”

“Go into each interview with a strategy for obtaining information and the key quote that supports the theme of the story”

“Be persistent.  Emails or a visit to the executive’s home may succeed where the PR staff blocks an interview”

“Get out of the office.  Nothing produces more anecdotes and details than a face-to-face interview or a visit to the scene.”

And finally:

“PR departments are the least satisfying sources.  Reliance on them is the surest route to mediocrity.  Yet even here, reporters should be polite and creative because we may need help in gaining access.”

I take that last comment as a compliment, but perhaps the various Bloomberg reporters I may have infected with mediocrity over the years had better remain nameless.

Of course, much, but not all, of the above is policy at other major news outlets, it’s just not usually spelled out quite as explicitly.  It’s a refreshing and useful reminder for any organisation dealing with the media and one that corporate communications professionals should read. 

There’s also a very useful section at the back on financial terms and grammar, a bit like the Economist Style Guide.  Most intriguing for me is the list of cities that can stand along in copy or headlines, without a country reference.  It’s mostly sensible, but why do San Antonio, Calgary, Milwaukee and Indianapolis make the cut, when Cologne, Naples, Barcelona, Antwerp and Lyons don’t?<-->