Bloomberg Buys Business Week
October 13, 2009 at 2:34 PM (PT)
Financial news service and radio/television company BLOOMBERG has emerged the top bidder for troubled magazine BUSINESS WEEK. The weekly magazine was placed on the block by MCGRAW HILL earlier this year with the possibility of closing the title if no adequate offer was made, and BLOOMBERG has reportedly offered somewhere between $2 million and $5 million plus assumption of liabilities and severance payments for the publication. Closing on the deal is anticipated by DECEMBER 1st.
BLOOMBERG owns and operates News WBBR-A (BLOOMBERG RADIO)/NEW YORK and the BLOOMBERG RADIO news service, among its multimedia holdings.