(Reuters) - 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.
Bloomberg was married to Susan Brown from 1976 to 1993 and has two daughters, Emma and Georgina.
He had expressed a desire to own a big-name newspaper over the years. However, following a media report last year that he was interested in acquiring either Dow Jones or the Washington Post, his company said it had no interest in acquiring either.
He co-founded Bloomberg LP in 1981, and as a philanthropist has donated millions of dollars towards his campaign aiming to shut down "every last" coal plant in the United States and slash gas-fired capacity in half by 2030.
Thomson Reuters-owned Reuters News competes with Bloomberg News, a unit of Bloomberg LP.