Bloomberg Gets BusinessWeek for $5M

Financial-news giant founded by current NYC mayor promises it won't gut mag
By Will McCahill,  Newser Staff
Posted Oct 13, 2009 9:23 PM CDT
Pick up your issue on newsstands now.   (PRNewsFoto)

(Newser) – Financial-news giant Bloomberg is the winning bidder for BusinessWeek, acquiring the 80-year-old magazine for between $2 and $5 million from parent McGraw-Hill, plus any liabilities associated with the purchase—not exactly a princely sum. “We are not buying BusinessWeek to gut it. We are buying it to build it,” a Bloomberg exec said in a statement.