With layoffs mounting on wall street and financial institutions on shaky ground, what's a financial media empire seeking growth to do? Create the position of chief content officer and bring in an outsider to shake things up.

The NY Post writes about Bloomberg LP's precarious situation in light of the ugly downturn on wall street. Less staff means less need for the ubiquitous terminals on trading floors of financial institutions. With the hiring of Former Time magazine and WSJ editor-in-chief Norman Pearlstine, content will be their focus, waiting out the downturn a thing of the past.

The article touches on the possibility of acquisitions in Bloomberg's future.

Except for a few small, strategic buys, Bloomberg's growth has been mostly organic. That is likely to change. While a recent rumor that Bloomberg was looking to buy The New York Times was denied by both companies, there is no doubt, people familiar with the company say, that Pearlstine's presence will lead to more purchase rumors - and some deals.

The touchy subject of possible personality clashes between the often difficult to work with editor-in-chief Martin Winkler and the more cerebral Pearlstine is broached in the article. Quoting one former staffer saying, "those kinds of arrangements never work out".

With outside threats in the form of the recently merged Reuters Thomson, Bloomberg has a lot challenges ahead of it, but bringing in smart, experienced people into the mix is never a bad thing.