McGraw-Hill sells biz news magazine to co.
Bloomberg LP has cut a deal to acquire BusinessWeek magazine from McGraw-Hill Co.
Financial details of the deal were not disclosed, but numerous reports put the price tag at $2 million to $5 million. In a sign of hard times in the ad world, even for established magazines, publishing giant McGraw-Hill put the 80-year-old biz news weekly on the block earlier this year.
“The BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television, online and mobile properties,” said Bloomberg prexy Daniel L. Doctoroff.
Norman Pearlstine, Bloomberg’s chief content officer and a former editor-in-chief of Time Inc., will become chairman of BusinessWeek.
Other contenders for the mag were said to include Thomson Reuters and Zelnick Media.