Bloomberg.com and Businessweek.com will be replaced next year by Bloomberg Business, reports Shannon Bond of The Financial Times, part of an overhaul at the financial media company to make it more appealing to consumers.
Bond writes, “Bloomberg Business will replace bloomberg.com and businessweek.com early next year. It follows October’s debut of Bloomberg Politics, helmed by well-regarded political journalists Mark Halperin and John Heilemann, the first in a series of new advertising-supported ‘verticals’ meant to lure a wider swath of readers.
“Bloomberg Business ‘is going to be our flagship’, said Mr Smith. ‘It’s going to be the broadest-facing brand, like Businessweek is in magazines.’
“Bloomberg says Businessweek’s advertising revenue has increased 24 per cent between the acquisition and 2013, and its rate base — circulation promised to advertisers — has risen 9 per cent to 980,000. Publishers Information Bureau data show it gaining advertising page share from competitors The Economist, Forbes and Fortune.
“Bloomberg, a private company, does not disclose financial results for its divisions but analysts estimate Businessweek loses about $30m a year — half the $60m Dan Doctoroff, Bloomberg’s outgoing chief executive, said it was losing in 2009.
“Asked if the magazine needed to be profitable, however, Mr Doctoroff said no.”
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