Bloomberg Acquires BusinessWeek from McGraw-Hill

Authored by Mark Hefflinger on October 14, 2009 - 8:32am.

New York - Business news publisher Bloomberg announced that it has agreed to acquire the 80-year-old publication BusinessWeek from The McGraw-Hill Companies. While financial terms of the deal were not disclosed, several publications pegged the purchase price at around $5 million, plus the assumption of around $32 million in liabilities.

The publication will be renamed Bloomberg BusinessWeek, and the deal is expected to close by year's end.

"Although Bloomberg has built one of the world's largest news organizations with more than 2,200 journalists, our primary audience has been our 300,000 Bloomberg Professional service subscribers," said Bloomberg president Daniel L. Doctoroff.

"BusinessWeek helps better serve our customers by reaching into the corporate suite and corridors of power in government, where news that affects markets and business is made by CEOs, CFOs, deal lawyers, bankers and government officials who typically are not terminal customers."

The company said Bloomberg chief content officer Norman Pearlstine will become chairman of BusinessWeek.

Related Links:
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http://www.nytimes.com/2009/10/14/business/media/14bizweek.html

http://www.bloomberg.com

http://www.businessweek.com