New York: Financial information provider Bloomberg is to buy Business Week magazine, three months after the publication was put up for sale due to plummeting ad sales.
Terms of the agreement were not released, but a news channel reported that the price was believed to be around $5 million. The magazine is a mainstay of the US business world with a circulation of around 921,000.
Bloomberg said that it would take control of the magazine by year's end and use it to reach the top-level corporate executives who do not regularly check the company's electronic services.
"Business Week 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 Bloomberg President Daniel Doctoroff.
IANS
First Published: Wednesday, October 14, 2009, 09:09