Media News
Wednesday, October 14, 2009
Bloomberg buys BusinessWeek
Bloomberg is taking another step from the trading floor into the corner
office. The company said Tuesday that it was the winning bidder for
BusinessWeek, the troubled 80-year-old title that McGraw-Hill had put on
sale this summer. Terms of the deal were not disclosed, but the price was said to be near
USD 5m, plus assumption of liabilities, which were USD 31.9m as
of April. The magazine will continue to be a weekly print publication,
rechristened Bloomberg BusinessWeek. Decisions have not been made about
BusinessWeek’s staff of more than 400 people; Bloomberg will select
which of those employees it wants by the end of the year, when the deal
closes. Those not selected will receive severance from McGraw-Hill, said
a BusinessWeek executive. The deal is expected to close by the end of the year.
BusinessWeek was in a tough spot financially, and lost more than
USD 800,000 dollars a week last year. Investors had pressured McGraw-Hill
to get it off its books. While there was interest from parties in the
private equity world, Bloomberg was seen as the preferred buyer.
(New York Times)
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