Bloomberg has bought the website and print publication BusinessWeek from textbook publisher McGraw-Hill for an undisclosed sum.Bloomberg said the acquisition will strengthen the newswire’s online, television and mobile products. “We’re buying BusinessWeek to build it,” Bloomberg President Daniel Doctoroff said in an interview. “Our intention is to take a venerable brand and turn it into the best global business newsweekly.” US based McGraw Hill based in New York, said in July it was exploring strategic options for the weekly as advertising sales and circulation slumped.
BusinessWeek is part of McGraw-Hill’s information and media unit, the smallest of the company’s three divisions after financial services and education.
Norman Pearlstine, Bloomberg’s chief content officer, will be chairman of BusinessWeek.
Bloomberg and BusinessWeek have complementary resources that can create a new model for the magazine, Paerlstine said in the statement.
Founded in 1929, BusinessWeek has more than 4.7 million readers weekly in 140 countries.
Bloomberg LP, the New York-based news and financial information provider, is the parent of Bloomberg News.
“BusinessWeek, with its extraordinary context and perspective on the economy and companies, presents a giant opportunity for Bloomberg News to reach decision makers in the most important industries,” said Matthew Winkler, editor-in- chief of Bloomberg News.