OLD Media Moves

No word on BusinessWeek offers

September 23, 2009

Keith Kelly of the New York Post writes Wednesday about the rumors floating around the BusinessWeek bidders, particularly Bloomberg L.P.

Kelly writes, “The media side of the company is believed to operate at a loss, but the hiring of high-profile execs like ex-Time Inc. editor-in-chief Norman Pearlstine as chief content officer and former NBC News president Andy Lack as CEO of Bloomberg’s multimedia group suggest the company wants to turn that business into a money maker.

“And so, according to sources, the debate inside Bloomberg is over how buying BusinessWeek would help to realize that goal — and how much investment is needed before the magazine is turned around.

“Meanwhile, the lack of an announcement days after BusinessWeek owner McGraw-Hill Cos. extended its bid deadline has spawned wild rumors that the deal will be simply a sale of the magazine’s trademarks and customer lists.

“Last week, Bloomberg Editor-in-Chief Matthew Winkler told the Bloomberg newsroom that a deal for BusinessWeek would provide a showcase for all the great journalism that Bloomberg people do.”

Read more here.

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