Tom Lowry of BusinessWeek has some of the details of Bloomberg L.P.‘s proposed acquisition of the business weekly magazine, announced Wednesday.
“If the deal closes as anticipated by Dec. 1, it will be unprecedented for both buyer and seller. For Bloomberg, buying BusinessWeek will be its first major acquisition ever and a significant departure for a 28-year-old company nurtured on a ‘build, don’t buy’ culture.”
Lowry later adds, “BusinessWeek, whose logo will eventually incorporate the Bloomberg name in some still-undetermined way, will continue to publish weekly in print and around the clock online. The goal will be to substantially boost the magazine’s editorial pages. It still hasn’t been decided whether Bloomberg and BusinessWeek will maintain separate Web sites or be morphed together as one. The sites combined attract more than 20 million unique visitors monthly and log roughly 100 million page views. Combined revenues of the sites alone are $60 million.”
Later, he notes, “BusinessWeek staff will be moved across town and into Bloomberg’s Manhattan headquarters by May 1. Officials from Bloomberg will begin meeting with the BusinessWeek staff in the coming weeks.”
Read more here.
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