Bloomberg to buy BusinessWeek
Agreement comes after rounds of bids by various partiesNEW YORK -- Bloomberg LP, the financial news and data provider, said on Tuesday it has reached an agreement to purchase BusinessWeek magazine from McGraw-Hill Companies 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 LP.
Bloomberg is owned by New York City Mayor Michael Bloomberg and is a competitor of Thomson Reuters.