The announcement on Tuesday comes after several rounds of bids by various private equity firms and publishers. Bloomberg was long seen as the most likely winner of the auction.
[Snip]
Bloomberg would keep the magazines separate after the purchase. BusinessWeek journalists also would work as separate groups, but with much "cross-pollenization," said [Bloomberg Chief Content Officer Norman] Pearlstine.
[Snip]
Other bidders included an investment firm run by Strauss Zelnick, chairman of videogame publisher Take Two Interactive Software, private equity firm OpenGate Capital and Boston Properties (BXP.N) co-founder and New York Daily News owner Mort Zuckerman.
Bloomberg LP, the global financial data and news empire created by New York City Mayor Michael R. Bloomberg, is the winning bidder for BusinessWeek. Terms of the offer will not be disclosed by Bloomberg and BusinessWeek parent McGraw-Hill Cos.
[Snip]
If the deal closes as anticipated by Dec. 1, it will be unprecedented for both buyer and seller. For Bloomberg, buying BusinessWeek will be its first major acquisition ever and a significant departure for a 28-year-old company nurtured on a “build, don’t buy” culture.
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BusinessWeek, launched 80 years ago, will give Bloomberg entrée to a much larger business audience of corporate executives and senior government officials, beyond what has been its sweet spot of catering to Wall Street and the professional investor community.
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BusinessWeek, whose logo will eventually incorporate the Bloomberg name in some still-undetermined way, will continue to publish weekly in print and around the clock online. The goal will be to substantially boost the magazine’s editorial pages. It still hasn’t been decided whether Bloomberg and BusinessWeek will maintain separate Web sites or be morphed together as one
Sources: Reuters, BusinessWeek Hat Tip: Library Stuff
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