The news service has yet to be named, but according to the WSJ, will be officially announced on Monday by Michael Bloomberg and Jack Dorsey. Terms of the deal were not divulged, but the service will be supported by ads, and Bloomberg will have control over the content of the feed. The service is expected to go live this fall.
Bloomberg Media’s CEO, Justin Smith, said that the service would “be focused on the most important news for an intelligent audience around the globe,” saying that it would be “broader in focus than our existing network.” Anthony Noto, Twitter’s COO and CFO, said that the Bloomberg deal made Twitter a viable alternative for cord cutters. “We really think we can reach audiences that are not paying for TV and are watching television on the go and we think Bloomberg is the perfect partner for us to start with,” he said.
The deal is the first to be announced after Twitter made its ambitions to broadcast live video around-the-clock were publicly announced. The company indicated it was looking more at 24-hour news and sport channels as models than services like Netflix, aiming for the kind of programming people could drop in and out of. Describing what he envisioned for the channels, Noto said users could “focus in on it when you hear something that’s of interest, but then maybe not be 100 percent focused on it when it’s not of interest.”