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U.S. markets recover from steep losses
NEW YORK, July 5 (UPI) -- Merrill Lynch is in negotiations to sell its 20 percent stake in the financial news company Bloomberg LP to help the firm raise capital, sources say.
No agreement has been reached over the valuation of Merrill's stake in the company, The New York Times reported Saturday. Merrill acquired the share in the mid-1980s as one of Bloomberg's original customers.
Under the terms of its shareholder agreement, Bloomberg has the right of first refusal to buy the stake, unnamed sources said.
The newspaper reported that if Merrill's stake is sold, it also would give an official value to Bloomberg, which has guarded information about its profitability.
Analysts have speculated Bloomberg, which is privately held, could be worth $20 billion or more.
Bloomberg LP was founded by New York Mayor Michael Bloomberg.
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