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Bloomberg to Buy BusinessWeek From McGraw-Hill
Published:
Tuesday, 13 Oct 2009 | 6:41 PM ET
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By: Reuters
Bloomberg, the financial news and data provider, said Tuesday it has reached an agreement to purchase BusinessWeek magazine from McGraw-Hill for an undisclosed sum.
The announcement comes after several rounds of bids by various parties from private equity and media publishing. Bloomberg was long seen as the best buyer for BusinessWeek because it could capitalize on the marriage of two brand names well-known in financial circles.
"BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television and online and mobile properties," said Daniel Doctoroff, president of Bloomberg.
Bloomberg is owned by New York City Mayor Michael Bloomberg and is a competitor of Thomson Reuters.
Copyright 2009 Reuters. Click for restrictions.
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