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25 May 2017 16:22 (South Africa)

Bloomberg buys BusinessWeek

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

bloomberg

It’s official: the Michael Bloomberg-owned Bloomberg LP is buying BusinessWeek for a paltry amount somewhere between $2 million and $5 million, plus all liabilities. For 80 years McGraw-Hill-owned BusinessWeek was a leading business publication in the US, but the advent of the Internet and the recent global financial crisis left it dangerously exposed and in need of new ideas. This is Bloomberg’s first acquisition. Michael Bloomberg, currently also New York City’s mayor, founded the company in 1981 on a “build, don’t buy” principle. But times change and Bloomberg LP felt it needed to venture beyond its fairly limited, albeit wildly profitable, active trader customer base into a much wider and even more influential audience made up of managing directors, senior managers, entrepreneurs and such. So when McGraw-Hill called for bids on BusinessWeek, it was never in doubt Bloomberg would be the winner. The new tie-up does make sense and should provide BusinessWeek with a bright new lease on life.

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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