Bloomberg Aquires BusinessWeek

Bloomberg L.P. announced that it has agreed to acquire BusinessWeek from McGraw-Hill Cos. The deal is said to be valued at $2 million to $5 million plus the assumption of liabilities, including severance pay. The purchase includes the print magazine and the BusinessWeek.com Website. Founded in 1929, BusinessWeek has more than 4.7 million readers weekly in 140 countries. The magazine will now be named Bloomberg BusinessWeek, and Bloomberg Markets will continue to be published. The transaction is scheduled to close Dec. 1, 2009, and Norman Pearlstine, Bloomberg’s chief content officer, will be the chairman of BusinessWeek. Stephen J. Adler, the editor-in-chief of BusinessWeek, has announced his resignation. He will leave the publication in December once the acquisition is finalized. Stephen has been with BusinessWeek for four years, he previously worked as the deputy managing editor at the Wall Street Journal which he joined in 1988.