Tuesday, October 13, 2009

Bloomberg Buys BusinessWeek

Bloomberg L.P. is the winning bidder for BusinessWeek, owned by McGraw-Hill. Bloomberg’s interest signals a wider journalistic ambition at the company, where the publishing side is known for its financial focus and financial readers. Despite some award-winning journalism, after 80 years, BusinessWeek had become a drag on McGraw-Hill’s books. It lost $43 million last year and had almost $32 million in liabilities outstanding as of April 30 — more debts than assets — according to a June memorandum sent to potential buyers.

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