James Ledbetter of The Big Money argues Wednesday that Bloomberg‘s acquisition of BusinessWeek magazine is a steal.
“But with Businessweek.com, Bloomberg is getting a Web site with lots of readers and lots of upside potential. According to compete.com, Businessweek.com has more than 5 million unique visitors a month, about as many as Bloomberg.com. And those figures are probably low because of Compete’s tendency to undercount; I imagine the real number is closer to 8 million uniques.
“That in and of itself is a viable business, and at $15 million is a major bargain. Consider that last year, Guardian Media bought PaidContent for $30 million, and that site has a monthly audience of maybe 250,000. Yeah, OK, PaidContent has other businesses, and Guardian clearly overpaid, but I’d say Norm Pearlstine and Bloomberg have just snatched up a major player in the online business journalism world for a song, and hardly anyone has noticed.”
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