Bloomberg Buying BusinessWeek
Jay Yarow|Oct. 13, 2009, 5:05 PM
Bloomberg businessweekAfter months of speculation, and rounds of bidding it’s over.
Bloomberg LP has agreed to buy BusinessWeek says a source. It’s now been confirmed by Bloomberg.
Bloomberg is paying $2 million to $5 million in cash reports BusinessWeek. It agrees to take on certain liabilities, including potential severance payments.
Dan Doctoff, president of Bloomberg LP says “We are not buying BusinessWeek to gut it. We are buying it to build it.”
Norman Pearlstine, Bloomberg’s Chief Content Officer will become the chairman of BusinessWeek.
It’s not certain if the web operations of Bloomberg and BusinessWeek will be left separate or will be combined, reports BusinessWeek. In total, the sites have 20 million uniques and 100 million pageviews, generating $60 million in revenue.
The BusinessWeek brand will be used to bolster Bloomberg’s unprofitable broadcast network. It is also part of a more consumer oriented strategy by Bloomberg.
The magazine will be given the clunky name of Bloomberg BusinessWeek
See NY Times