Bloomberg buys BusinessWeek

By Branko Brkic 15 October 2009

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.

Gallery

While we have your attention...

An increasingly rare commodity, quality independent journalism costs money, though not nearly as much as its absence can cost global community. No country can live and prosper without truth - that's why it matters.

Every Daily Maverick article and every Scorpio exposé are our contribution to this unshakeable mission. It is by far the most effective investment into South Africa's future.

Join our mission to become a Maverick Insider. Together we can Defend Defend Truth.


THE CLOTH AND THE RAPE

Omotoso abuse raises case for regulating religion

By Greg Nicolson

"Every time I read Pride and Prejudice I want to dig her up and beat her over the skull with her own shin-bone" ~ Mark Twain on Jane Austen