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.”
Read more here.
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