Bloomberg completes deal for BusinessWeek

Bloomberg LP announced Tuesday afternoon that it has completed its acquisition of BusinessWeek from McGraw-Hill Cos.

Bloomberg paid $5 million in cash and Bloomberg also assumed certain liabilities, including unfulfilled subscription liabilities.

“We share with McGraw-Hill a commitment to editorial excellence and we look forward to building on BusinessWeek’s 80-year tradition of great journalism,” said Bloomberg Chairman Peter T. Grauer in a statement. “The reporting and analytical resources of Bloomberg and BusinessWeek are unparalleled in their ability to deliver timely, credible content to an influential and highly sought-after audience.”

Bloomberg president Daniel L. Doctoroff said that the deal would yield significant benefits for users of the Bloomberg Professional service, and for its television, online and mobile properties.

Bloomberg is holding a reception at its building Tuesday from 6 p.m. to 9 p.m. for its new employees.

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