It was bought by Bloomberg at the end of last year, has lured Time.com's editor Josh Tyrangiel to be its new editor and, last week, unveiled a major redesign.
Like the American stereotype, it has a dream: to become the world's definitive business magazine. To this end, it has just launched a marketing campaign to raise its profile across Europe.
Bloomberg Businessweek sits in a competitive market with Forbes and Fortune as its main rivals. But the redesign aims to make the magazine more competitive, by making it better value for money and more relevant to its readers.
'Our value proposition has been off,' says Tyrangiel. 'Our paper stock got thinner, we had fewer stories and people were justifiably thinking "what do I need this for?".' So, the title has doubled its story content, added 20 per cent more editorial pages and has organised the content to make it clearer.
'It's now a genuinely comprehensive read. Our articles have a point of view and give our readers a competitive advantage,' he says.
Tyrangiel says he is looking for stories about companies doing new things or new products being launched that change how people think. 'We're looking to cover business progress, but in a thoughtful way. We want to discover the exciting new companies - let's find the new Larry Page and Sergey Brin (Google founders),' he says. As for features, he is looking for 'deep-dive' pieces that take people on a journey, introduce new ideas and incorporate original photography.
Businessweek may have grand ambitions, but do UK PROs believe the title is a worthy target?
Bell Pottinger's MD of business and brand Kevin Read says yes, for stories on global thought leadership or inward investment. 'We view it as an excellent outlet for reaching the US business audience. It is seen as a valuable and helpful addition to the main Bloom-berg newswire,' he says.
Euro RSCG Biss Lancaster's board director Andrew Robinson says it is a high-quality business read, but believes the title is more US-focused than UK. 'We would only pitch bigger stories into it, such as businesses with "game-changing" new products or services that could have international success,' he says.
Capital MS&L's account director Tom Steiner, who has recently worked in New York, agrees that it is a good way of reaching a US audience, saying his US clients were often asked to be introduced to its reporters.
But he adds that PROs should not underestimate the magazine's power for clients with an international focus.
'It has better cache for clients that have an international audience, whereas its profile is lower in London. Global clients will consider it to be one of the most prestigious media out there,' he says.
A MINUTE WITH ... Josh Tyrangiel, editor, Bloomberg Businessweek
Describe Bloomberg Businessweek
We are a news magazine for the business person. Our readers are a self-selected group of leaders or people who want to be leaders.
What makes a good news story for you?
The Goldman Sachs story was ideal because it was breaking and continuing. Greece was also a great story. Complicated stories work - people respond to complication by seeking clarity. Everyone wants tension and narrative.
How does your website relate to your magazine content?
Much of the magazine is online, but these stories are skewed towards telling readers what is happening right now. The magazine prepares you for the week ahead.
How closely do you work with Bloomberg?
We share a lot of journalists with Bloomberg and we will advise PROs on where a story would be most suitable. If timeliness is the main factor in the story, then go to Bloomberg. But if you want something to play out at a deeper level, then come to us.
How and when should PROs contact you?
Our press day is Wednesday, but the earlier contact is made the better. We update our website hourly. Emails are always best, enabling us to process them in our own time.
Circulation: 922,183 (Global weekly ABC, July-December 2009)
Where sold: WHSmith, Martins, News in the Wharf and main independents
Reporters: 1,700 in 146 bureaus across 72 countries