New York: The 80-year old American magazine BusinessWeek is getting a new owner with global financial news and data provider Bloomberg, majority owned by New York city mayor Michael Bloomberg, agreeing to buy the publication.
While the financial details of the deal have not been disclosed, the two parties expect to complete the deal by the end of this year.
Currently owned by the publishing giant McGraw-Hill
Companies, BusinessWeek has over 4.7 million readers spread
across 140 countries.
Both McGraw-Hill Companies and Bloomberg have entered
into an agreement for the proposed deal which is expected to
be completed in the fourth quarter of 2009, McGraw-Hills said
in a statement on Tuesday.
"We are pleased that we have reached an agreement for
BusinessWeek to be acquired by Bloomberg, which shares the
same high standards for editorial independence, integrity and
excellence that have long defined BusinessWeek," McGraw-Hill
Companies Chairman President and CEO Harold McGraw III said.
Founded in 1929, the magazine has 155 editorial employees
at its New York headquarters, 19 correspondents in the US, and
12 international correspondents, according to its website. The
publication also has presence in India.
"BusinessWeek will be a powerful addition to our
portfolio of leading news and information services," Bloomberg
Chairman Peter T Grauer said. Bloomberg employs over 10,000
employees worldwide and has good presence in India.
Many publications worldwide have been hit by the global
financial crisis and have seen dwindling advertising revenues.
Recently, the well known American publisher Conde Nast said it
would shut down four of its magazines including Gourmet and
The magazine is "one of the business world`s most
recognized and trusted sources of news and insight, and we
believe that it will be highly valued by our customers
worldwide," Grauer said.
The McGraw-Hill Companies said the deal would enable the
entity to continue focussing resources on building the size,
scale and global presence of its leading brands across
fast-growing worldwide markets in financial services,
education and business information.
A leading global information services provider,
McGraw-Hills Companies also owns prestigious brands like
Standard & Poor`s and Platts.