Bloomberg to buy BusinessWeek

McGraw-Hill is selling BusinessWeek to Bloomberg, including the print publication and Web site. While financial details were not disclosed, The Wall Street Journal reported that "Bloomberg agreed to pay nearly $5 million and take responsibility for more than $10 million in liabilities, including severance for BusinessWeek staffers who might lose their jobs."

McGraw-Hill is selling BusinessWeek to Bloomberg, including the print publication and Web site. While financial details were not disclosed, The Wall Street Journal reported that “Bloomberg agreed to pay nearly $5 million and take responsibility for more than $10 million in liabilities, including severance for BusinessWeek staffers who might lose their jobs.”

“We're buying BusinessWeek to build it,” Bloomberg president Daniel Doctoroff said in theBloomberg news story about the deal, which is scheduled to close December 1. “Our intention is to take a venerable brand and turn it into the best global business newsweekly.” Norman Pearlstine, Bloomberg's chief content officer, will serve in the newly-created position of chairman ofBusinessWeek.


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