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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.