Bloomberg acquires BusinessWeek

bloomberg-buys-businessweek

As expected, Bloomberg, the global financial news and data provider, has won the bidding for BusinessWeek. Terms of the agreement were not disclosed, but reports say the company is paying up to $5 million and that it has agreed to assume liabilities, including potential severance payments.

“The acquisition of BusinessWeek will strengthen Bloomberg’s online, television and mobile products,” said Peter Grauer, chairman of Bloomberg, in a statement. “Together, the BusinessWeek.com and the Bloomberg.com websites will have more unique visitors than any non-portal business and financial site,” he said.

The weekly magazine, founded in 1929, was put up for sale in July by owner McGraw-Hill, after making losses caused by declining advertising revenue. It suffered a 30% drop in the second quarter, while the industry saw an average decline of 22%.

BusinessWeek has an editorial staff of around 200 and reaches 4.7 million readers in 140 countries each week, according to its website.