Financial services and media giant Bloomberg is acquiring BusinessWeek magazine from publisher McGraw-Hill. As reported by MarketWatch, financial terms weren’t disclosed but the deal is estimated to be in the $2-5 billion range. The publisher had put BusinessWeek up for sale this summer, citing a big decline in ad sales.
BusinessWeek claims 4.8 million readers in 140 countries. Bloomberg sees the magazine, and no doubt the venerable BusinessWeek brand, strengthening its offering of financial news through print, web and online.
Read more at MarketWatch.