Bloomberg To Scoop Up BusinessWeek

Law360, New York (October 14, 2009, 1:28 PM EDT) -- Financial data firm Bloomberg LP has reached a deal with the McGraw-Hill Cos. to acquire financial news magazine BusinessWeek, reportedly for at least $2 million.

Terms of the deal were not disclosed, but BusinessWeek reported that Bloomberg's cash offer is between $2 million and $5 million, citing knowledgeable sources. Bloomberg has also agreed to take on BusinessWeek's liabilities, and potential severance payments, the magazine reported.

BusinessWeek's magazine and Web site have a staff of more than 400, and there's no word yet on whether cuts are...
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