In May, Bloomberg announced that it was working on a 24/7 news network in partnership with Twitter. The long-standing news outlet was readying to take its programing to a younger audience by utilizing Twitter’s obsession with live video. Today, armed with a new name — TicToc — and a dedicated staff of approximately 50 reporters, editors, producers and social-media analysts, Bloomberg’s online Twitter channel is finally taking shape.
Overseen by M. Scott Havens, Bloomberg’s global head of digital, and Mindy Massucci — who is the editorial lead of TicToc by Bloomberg — the news organization promotes the digital channel as the world’s first “social news network.” The news network hopes to take advantage of Twitter’s global reach and user-generated commentary at a time when many Americans are looking to their phone for their daily consumption of news and entertainment.
The new online network, which goes live December 18, will feature a mix of breaking news content pulled from Twitter and Bloomberg’s own live video reporting. According to the New York-based company, it’s a completely separate product from Bloomberg Television.
“It is going to be focused on the most important news for an intelligent audience around the globe and it’s going to be broader in focus than our existing network,” Bloomberg Media’s chief executive officer, Justin Smith told the Wall Street Journal.
Bloomberg Media’s initial sponsors for TicToc include AT&T, CA Technologies, CME Group, Goldman Sachs, Infiniti, and TD Ameritrade. Each is paying between $1.5 million-$3 million as presenting partners, according a report by Axios.
As for Twitter, TicToc will be the first 24-hour live network exclusively available on the social platform. The new addition adds to Twitter’s rapidly growing live video offering. This year, the company announced approximately 30 new live-streaming partnerships and has closed previous deals with partners including Vox, Major League Baseball, the NFL, Viacom, the WNBA, Live Nation, the PGA, and BuzzFeed.