Twitter and Bloomberg news are teaming up to launch a 24-hour streaming news channel.
In response to a story in the Wall Street Journal about the partnership, Bloomberg Media’s top executive tweeted confirmation of the news.
"We'll have a lot more to say about this exciting new partnership at Bloomberg Media's NewFronts on Monday," tweeted Justin Smith, referring to a meeting the company is holding.
We%27ll have a lot more to say about this exciting new partnership at Bloomberg Media%27s NewFronts on Monday. https://t.co/OMiiT9rdlu— Justin B. Smith (@Justin_B_Smith) May 1, 2017
The Journal said Bloomberg would create exclusive content for the streaming channel, but that it would be separate from the company’s television channel.
Twitter did not provide any comment on the story due to an official announcement planned for later Monday.
For Twitter, the deal could help restore user growth which has been slow compared to other social media sites.
The 10-year-old Twitter has never made a profit, and despite tweaks to the format, has only seen modest growth in users. Twitter recently reduced staff and an attempt to sell the company failed. The partnership with Bloomberg could attract more users beyond the core of politicians, journalists and celebrities.
Last week the company gave its quarterly results, which saw another drop in revenue despite seeing a 14 percent spike in users to 328 million. The company said its loss of $62 million was better than last year, which saw the company lose $80 million.