Bloomberg has emerged as the winning bidder for BusinessWeek, the troubled 80-year-old title that McGraw-Hill had put on sale this summer.
Terms of the deal were not disclosed, but the price was said to be near USD 5m, plus assumption of liabilities, which were USD 31.9m as of April. The magazine will continue to be a weekly print publication, rechristened Bloomberg BusinessWeek.
Decisions have not been made about BusinessWeeks staff of more than 400 people; Bloomberg will select which of those employees it wants by the end of the year, when the deal closes. Those not selected will receive severance from McGraw-Hill, said a BusinessWeek executive. The deal is expected to close by the end of the year.
While there was interest from parties in the private equity world, Bloomberg was seen as the preferred buyer. (Source: New York Times)