Photo by Darwyn

As of today, WNEW 99.1 is under new management, The Washington Post reports. The change will cost more than half of the station’s employees their jobs.

The FM news radio station will now be operated by Bloomberg Media. Bloomberg made the deal—known as a local marketing agreement—with CBS Radio, who previously operated the station, according to The Post. The terms are undisclosed.

Bloomberg will only need about six employees to run the station, and Steve Swenson who runs’ CBS Radio’s Washington division, told The Post that WNEW was staffed with about 20 people.

WNEW’s content will change as well. It previously aired news reporting, weather, sports, and traffic reports for the D.C. region and Baltimore. Under Bloomberg’s reign, the station will mostly broadcast business-oriented programs from New York, with snippets of local stories, The Post reports. More local programs may also be created, but that’s yet to be decided.

“We’re not looking for a mass audience,” Justin Smith, Bloomberg Media’s chief executive, told The Post. Instead, he’s seeking a “niche audience” of business leaders and entrepreneurs.

WNEW has been a longtime competitor of WTOP 103.5 and WAMU 88.5. For months, 99.1 has experienced very low ratings compared to other D.C. radio outlets.