The magazine will be renamed “Bloomberg BusinessWeek.”
Fascinating development — WSJ:
“McGraw-Hill Cos. agreed to sell BusinessWeek to Bloomberg L.P., marking the growing media ambitions of the financial-data firm and a retreat for McGraw-Hill after 80 years of ownership of the business magazine.
The price wasn’t disclosed, though relatively little money is likely to change hands. The magazine has been losing money.
The sale underscores how the shift of readers from traditional news outlets to the Web and a profound advertising downturn are undoing longstanding media practices. Respected media owners such as McGraw-Hill and Conde Nast Publications Inc. are closing print titles or slashing investments in traditional publications to redeploy resources elsewhere, a sign they don’t expect these businesses to return to strong health as the economy recovers.”
Bloomberg itself reported:
“Bloomberg President Daniel Doctoroff said in an interview: “We’re buying BusinessWeek to build it,” Doctoroff said. “Our intention is to take a venerable brand and turn it into the best global business newsweekly.”
“BusinessWeek, with its extraordinary context and perspective on the economy and companies, presents a giant opportunity for Bloomberg News to reach decision makers in the most important industries,” said Matthew Winkler, editor-in- chief of Bloomberg News.
Bloomberg to Buy BusinessWeek After McGraw-Hill Tires of Losses
WSJ, OCTOBER 14, 2009
McGraw-Hill Will Sell BusinessWeek to Bloomberg LP
Bloomberg, Oct. 13 2009