Done Deal: Bloomberg Acquires BusinessWeek
Bloomberg L.P. has announced it is acquiring BusinessWeek. The business magazine has been on the block for months and in recent weeks Bloomberg L.P. has been rumored to be the front runner in the bidding process.
Terms of the deal were not disclosed, but sources told BusinessWeek‘s Tom Lowry that the deal was in the, “$2 million to $5 million range and that it has agreed to assume liabilities, including potential severance payments.” Lowry says the publication will continue to publish weekly in print and “around the clock” online, and the BusinessWeek brand will be “used aggressively to bolster Bloomberg TV, radio and mobile operations.”
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