Michael Bloomberg outlines succession plan for media empire: Report

Representatives for Michael Bloomberg declined to comment

The former New York City Mayor made the announcement at the Climate Summit hosted by the newspaper

Michael Bloomberg, co-founder of Bloomberg LP, outlined a succession plan for the financial information and news company, saying that his foundation Bloomberg Philanthropies will inherit it and then eventually sell it, the New York Times reported.

The former New York City Mayor made the announcement at the Climate Summit hosted by the newspaper on Thursday.

Representatives for Michael Bloomberg declined to comment.

"I give virtually all of the company's profits to the foundation...but when I die, the foundation inherits the company," the newspaper reported quoting him.