As expected, Bloomberg is the successful bidder for troubled business magazine BusinessWeek. It's probably a good fit; at least it wasn't bought by someone who doesn't know business, doesn't know publishing, and thinks all news can be tweeted.BusinessWeek quotes Bloomberg LP President Daniel L. Doctoroff: “We couldn’t be more excited…We are not buying BusinessWeek to gut it. We are buying it to build it.” The same article says there are likly to be some staff cuts, "but reports of a planned scorched earth campaign are overblown, say sources."
Terms weren't disclosed by the parties, but it was surely higher than the $1-plus-debt talked about when BW was first put up for sale. But Barron's cites $2 million to $5 million figures, plus of course a ton of debt.
The New York Times reports that the magazine will be renamed Bloomberg BusinessWeek.
Best of all, Rupert didn't get it!
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