BusinessWeek‘s media columnist Jon Fine reported yesterday that Bloomberg LP has made its official bid for the magazine, although Fine himself admits he has no info about the bid’s details:
“A bid from Bloomberg is widely expected to make the business information giant the prohibitive favorite to purchase BusinessWeek. (Caveat time: I write that phrase as one ignorant of the exact details of the bids for the magazine I work for. And if you’d asked me around a week ago who’d win BusinessWeek. I’d have told you Lazard Chairman Bruce Wasserstein — who last Monday night decided against submitting a final bid.)”
However, Fine has done his homework about privately-held Bloomberg, which is said to earn about $5 billion a year thanks in part to the terminals its subscribers must purchase. The company has even seemingly weathered the recession pretty well. Says Fine:
“When I looked at their media operations, around a year ago, Bloomberg was employing 2,350 journalists — or around 15 percent more than the combined staffs [of] The New York Times and The Wall Street Journal. And Bloomberg’s staff has grown since then.”
More information about the bids for BusinessWeek should come out soon. Despite the other parties who were said to be interested in the magazine did any one else make a final bid? We’ll wait to see.
Bloomberg Submits Its Bid For BusinessWeek — BusinessWeek