Bloomberg Acquires BusinessWeek from McGraw-Hill

New York -- Business news publisher Bloomberg said that it will acquire 80-year-old BusinessWeek magazine from The McGraw-Hill Companies. Financial terms of the deal, expected to be completed by year's end, were not disclosed, though several publications pegged the purchase price at around $5 million, plus the assumption of around $32 million in liabilities. The publication will be renamed Bloomberg BusinessWeek, with Norman Pearlstine, the chief content officer of Bloomberg, becoming gthe chairman of BusinessWeek. "BusinessWeek helps better serve our customers by reaching into the corporate suite and corridors of power in government, where news that affects markets and business is made by CEOs, CFOs, deal lawyers, bankers and government officials who typically are not terminal customers," said Daniel Doctoroff, the president of Bloomberg.
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