Bloomberg L.P. to acquire BusinessWeek
October 14th, 2009 - 4:43 am ICT by BNO News
- NEW YORK CITY (BNO NEWS) — The McGraw-Hill Companies has agreed to sell its weekly newsmagazine BusinesWeek to Bloomberg L.P., the company said in a statement. The financial terms of the transaction were not disclosed, but is expected to close during the fourth quarter of 2009.
“I am very proud of the tremendous contributions BusinessWeek has made to The McGraw Companies throughout its rich history,” said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies. “It is a truly outstanding franchise and the best source of business reporting in the world. 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,” he added.
Bloomberg L.P. chairman Peter T. Grauer said BusinessWeek will be a valuable addition to its services worldwide. “BusinessWeek will be a powerful addition to our portfolio of leading news and information services. BusinessWeek 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.
A statement from The MCGraw-Hill Companies said the transaction will enable the company to continue focusing 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.
BusinessWeek is the second largest news weekly magazine in the United States and has 12 global editions. It’s first issue appeared on February 17, 1933 and the publication has currently more than 2,700,000 subscribers in the United States.
Related Stories
- Tim McGraw seeks wife Faith Hill's approval before launching fragrance - Oct 11, 2009
- Platts gets oil price assessments - Aug 26, 2009
- Indians-led Citi, Motorola among top tax payers in US - Apr 28, 2009
- ICFJ to launch new international media institute in India - Jun 25, 2009
- Che Guevara's granddaughter poses semi-nude for PETA - Jun 19, 2009
- Robin Roberts Ready To Entertain Audiences Yet Again - Nov 11, 2009
- H1B restrictions would choke US of talent: Premji - May 30, 2009
- Octomum accepts round-the-clock help from nonprofit agency to raise her kids - Mar 10, 2009
- Now, a cookbook to enable you to taste a dish before you make it - Aug 04, 2009
- Tim McGraw to play Sandra Bullock's hubby in new sports-themed film - Apr 20, 2009
- Business
- bloomberg
- bno
- business world
- businessweek
- businesweek
- chief executive officer
- editorial independence
- financial services education
- focusing resources
- global editions
- global presence
- grauer
- leading brands
- leading news
- mcgraw hill
- mcgraw hill companies
- news weekly magazine
- newsweek
- rich history
- worldwide markets
Posted in Business, |