Bloomberg Wins BusinessWeek Bidding

It’s official: after weeks of speculation, Bloomberg has won the bidding for BusinessWeek. BusinessWeek reports (erm) that though terms of the offer will not be disclosed by either party, “knowledgeable sources say that Bloomberg’s cash offer is in the $2 million to $5 million range and that it has agreed to assume liabilities, including potential severance payments.”

From the press release:

“Although Bloomberg has built one of the world’s largest news organizations with more than 2,200 journalists, our primary audience has been our 300,000 BLOOMBERG PROFESSIONAL® service subscribers. They rely on us for high-value, market-moving news and insightful analysis.

“BusinessWeek helps better serve our customers by reaching into the corporate suite and corridors of power in government, where news that affects markets and business is made by CEOs, CFOs, deal lawyers, bankers and government officials who typically are not terminal customers,” [Bloomberg president] Doctoroff noted.

Bloomberg L.P. Chairman Peter T. Grauer said, “The acquisition of BusinessWeek will strengthen Bloomberg’s online, television and mobile products. Together, the BusinessWeek.com and the BLOOMBERG.COM® Web sites will have more unique visitors than any non-portal business and financial site. We also expect to build BLOOMBERG TELEVISION® content around the powerful BusinessWeek brand and its world-class journalists. “Bloomberg’s universe of market makers and BusinessWeek’s readership of decision makers create a powerful audience and a unique value proposition for advertisers. The reporting and analytical resources of Bloomberg and BusinessWeek are unparalleled in their ability to deliver timely, distinctive and credible content to an influential and highly sought-after audience,” Grauer added.