A Deal In Bloom

Amalgamated agreement will provide black newspapers with more financial coverage

If you’re a subscriber to many of the African American-owned newspapers across the country, chances are you’ll soon be noticing a marked increase in the business news and stock market information in your daily paper.

Financial data provider Bloomberg Financial Markets Commodities News recently signed a landmark agreement with Amalgamated Publishers Inc., a 38-year-old New York-based consortium of the nation’s black press and the umbrella organization for over 208 black-owned newspapers, to provide 55 of the top papers in the country with breaking news and market data on African American companies, stocks and mutual funds. The agreement also gives black newspapers access to analytic information for use in their stock tables and business sections.

The Bloomberg agreement means greater coverage of the stock market, blacks in the business community and investment advice on a weekly and daily basis. For the black-owned papers, it means the chance to attract the advertising dollars of financial service companies that historically haven’t viewed black newspapers as a place black investors go to for financial information.

“The initiative underscores a growing realization that blacks do have the money to invest and a solid interest in investing,” says Burton Waddy, a multimedia manager at Bloomberg who put the Amalgamated deal together.

Waddy also helped develop the new Bloomberg-Amalgamated Publishers Index, which tracks the performance of 10 publicly traded companies that are owned and operated by African Americans
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