BusinessWeek to be purchased by Bloomberg

2009-10-14 04:11:38 (GMT) (WiredPRNews.com - Business, News)

Wired PR News reports Bloomberg is purchasing BusinessWeek.

Bloomberg will reportedly take over the news magazine.

New York (WiredPRNews.com) – BusinessWeek magazine is reportedly being purchased by Bloomberg LP. As reported by the Associated Press (AP), the deal was announced Tuesday, however, specific details were not released.

Bloomberg president Daniel L. Doctoroff is quoted by the AP as stating of the acquisition, “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.”

As noted in the report, Bloomberg, which was founded by Mayor of New York City Michael Bloomberg in 1981, acquired BusinessWeek for an estimated $5 million.

BusinessWeek has been owned by McGraw-Hill for 80 years. It will reportedly be taken over by Bloomberg by the year’s end.

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