Bloomberg says he will leave media empire to his foundation

Michael Bloomberg is not taking the Rupert Murdoch path and leaving control of his media empire to one of his children. Instead, the 81 year-old magnate plans to bequeath the company to his foundation, Bloomberg Philanthropies, which will then sell it. 

Speaking at the New York Times Climate Summit on Thursday, Bloomberg said “common sense says I should have succession plans.”  

He added, “I give virtually all of the company’s profits to the foundation, and the foundation gave away last year $1.7 billion. This year it will be a little bit more than that.”  

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