Bloomberg L.P., founded in 1981 by New York City Mayor Michael Bloomberg, said Tuesday it would buy the 80-year-old weekly BusinessWeek magazine from McGraw Hill Cos, but terms of the deal were not disclosed.
"BusinessWeek 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 Daniel Doctoroff, president of Bloomberg.
The purchase includes the print magazine and the BusinessWeek. com website, said Bloomberg L.P..
The acquisition will strengthen online, television and mobile products, Bloomberg Chairman Peter Grauer said in a statement. Norman Pearlstine, Bloomberg's chief content officer, will be chairman of BusinessWeek.
BusinessWeek, founded in 1929, has more than 4.7 million readers weekly in some 140 countries and regions, according to its website. McGraw-Hill Cos., the parent company of the weekly, had been exploring strategic options for the magazine as advertising sales and circulation slumped.
McGraw-Hill said in a separate statement that the sale will enable it to focus on building its other brands.
BusinessWeek is a business magazine first published by McGraw-Hill in 1929. Its primary competitors in the U.S. business magazine category are Fortune and Forbes, which are published bi-weekly.