OLD Media Moves

BW staff could be out of a job

October 9, 2009

Amy Wicks of Women’s Wear Daily reports that a Bloomberg acquisition of BusinessWeek could mean that the weekly business magazine’s staff loses its job.

Wicks writes, “Expect an announcement any day now with regards to the future of BusinessWeek and its employees. Some describe the atmosphere inside of the magazine’s offices as business as usual, while others are more resigned and have begun packing up their things. Bloomberg LP remains the front-runner, although the company is expected to only take on the BusinessWeek name and Web site, and none of its staff or bureaus. Mort Zuckerman and OpenGate Capital have reportedly bowed out of the bidding.

“By all accounts, the deal hasn’t been sealed and there are still a few sticking points in negotiations, including who will pay the severance packages of BusinessWeek’s staff — Bloomberg or current owner McGraw-Hill Cos. If Bloomberg does take over BusinessWeek, the company is expected to use the staff from Bloomberg Markets magazine to provide editorial for the acquired title.”

Read more here.

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