On Tuesday, Bloomberg released a statement revealing that Andrew Lack would be the new Chief Executing Officer of the  company’s multimedia group that was created this July, consisting of television, interactive and radio operations.

Lack, who is a veteran TV news exec, will be replacing Matt Winkler, the latter still remaining in charge of Bloomberg’s news group, the statement further revealed. The aforementioned group includes the wire service, Bloomberg Markets magazine and Bloomberg Press books.

The newly appointed CEO will be reporting to president Dan Doctoroff, who also directly supervises Winkler, Bloomberg News founder and editor-in-chief, and Norman Pearlstine, Chief Content Officer. The latter was hired earlier this year and is the former editor-in-chief of Time Warner Incorporated's Time Inc, having also served as managing editor of The Wall Street Journal.

Founded back in 1981, Bloomberg L.P. is a financial software services, news and data company that provides financial companies and organizations worldwide with data services and news via the Bloomberg Terminal.

The company’s main competitor on the market is Thomson Reuters, which is an information company that was set up on April 17, 2008, when The Thomson Corporation purchased news service Reuters.

Andrew Lack served as president of NBC News from 1993 to 2001 and was previously chairman and chief executive of both Sony BMG Music Entertainment as well as Sony Music Entertainment.

Bloomberg’s new CEO of the multimedia group also worked at CBS Corporation's CBS News. While there, he created „West 57th,” a news magazine program and produced the „60 Minutes” news program, as well.