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.