Bloomberg Media is teaming up with Twitter to create what they say will be a new 24/7 breaking news network for the platform.

The network is said to still be “in-development” and is expected to launch in autumn this year.

Bloomberg Media chief executive Justin Smith said the collaboration with Twitter would create the “world’s fastest and most credible modern news source”.

Plans are for it to feature a “mix of user-generated breaking news video from citizens, curated and verified by Bloomberg editors, along with live video and reporting from Bloomberg journalists around the world”, according to a statement from the two media companies.

“Combining the speed and immediacy of Twitter with the editorial rigour of Bloomberg, the network will be interactive, rich with social content and consumable on any device,” it added.

The news was announced on Monday during a live interview with Bloomberg founder (and former New York mayor) Michael Bloomberg and Twitter chief executive Jack Dorsey.

Bloomberg Media is the consumer-facing arm of software company Bloomberg LP, providing business, markets, politics and technology news.

Bloomberg Media has a network of more than 2,600 journalists and analysts and claims a combined digital audience, across desktop, tablet and mobile, of 50m worldwide, with 20m monthly video users.

Twitter currently has 328m monthly users worldwide.

Smith said: “Today’s global news consumer wants and needs more than what’s currently available.

“In an era when most viewers are choosing immediacy over quality in breaking news, traditional media hasn’t kept up. With this new network, we are setting out to reinvent the digital breaking news experience.

“The powerful combination of Bloomberg’s high-quality journalism and data-backed objectivity with Twitter’s global immediacy, interactivity and reach will create the world’s fastest and most credible modern news source.”

Anthony Noto, Twitter’s chief operating officer, added: “The stage is set for innovation in news and Bloomberg is taking on that challenge.

“Twitter’s speed and vast global network of content and commentary combined with the high quality, editorial rigor of Bloomberg is a unique and powerful combination.

“Our collaboration will bring these forces together through live video and the related conversation.”

Picture: Reuters/Kacper Pempel/Illustration/File Photo