Bloomberg buying BusinessWeek magazine
AFP
WASHINGTON - Bloomberg announced Tuesday it has agreed to buy BusinessWeek magazine from McGraw-Hill Cos. in a move that allows the news agency to expand beyond its core business of supplying financial data to professionals.
Bloomberg did not disclose terms of the purchase of the business magazine, which has a US circulation of nearly a million but has been suffering from the industry-wide plunge in advertising revenue.
"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," he said.
"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," he added.
Bloomberg chairman Peter Grauer said the BusinessWeek.com and Bloomberg.com websites "will have more unique visitors than any non-portal business and financial site."
Bloomberg, which was founded by New York Mayor Michael Bloomberg, said Norman Pearlstine, the company's chief content officer, will become chairman of BusinessWeek.
Pearlstine is a former managing editor of The Wall Street Journal and editor-in-chief of Time Inc.
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