NEW YORK, Oct 13 (Reuters) - Bloomberg LP, the financial news and data provider, said on Tuesday it has reached an agreement to purchase BusinessWeek magazine from McGraw-Hill Companies for an undisclosed sum.
The announcement comes after several rounds of bids by various parties from private equity and media publishing. Bloomberg was long seen as the best buyer for BusinessWeek because it could capitalize on the marriage of two brand names well-known in financial circles.
'BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television and online and mobile properties,' said Daniel Doctoroff, president of Bloomberg LP.
Bloomberg is owned by New York City Mayor Michael Bloomberg and is a competitor of Thomson Reuters.
(Reporting by Yinka Adegoke; Editing by Phil Berlowitz)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: BUSINESSWEEK/BLOOMBERG (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The announcement comes after several rounds of bids by various parties from private equity and media publishing. Bloomberg was long seen as the best buyer for BusinessWeek because it could capitalize on the marriage of two brand names well-known in financial circles.
'BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television and online and mobile properties,' said Daniel Doctoroff, president of Bloomberg LP.
Bloomberg is owned by New York City Mayor Michael Bloomberg and is a competitor of Thomson Reuters.
(Reporting by Yinka Adegoke; Editing by Phil Berlowitz)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: BUSINESSWEEK/BLOOMBERG (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.