Since Norman Pearlstine, former Editor-in-Chief of Time Inc., joined Bloomberg as Chief Content Officer, many of the staffers at Timehave slowly been trickling over to join him. First, it was Josh Tyrangiel, who now serves as BusinessWeek’s Editor in Chief. Then, it was Arthur Hochstein, Time’s “legendary” art director, who stepped down in 2009 and will now be consulting for both BusinessWeek and Time. Who else is planning to “reunite” with Pearlstine?

Eat that, Web 2.0 naysayers: Twitter is profitable in 2009, Bloomberg Businessweek reports. Twitter is still at least a few months away from integrating advertising, which could be its real moneymaker further down the road. The key to Twitter’s surprise yearend profitability? Search deals with Google and Bing, which total about $25 million.

BusinessWeek started publishing in 1929. Its covers have had many variations over the years, including, most notably, the many years when it ran a Business Indicator thermometer along the side. Thanks to current BW art director Andrew Horton, we’ve got a distinguished collection of covers.

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.”

As we reported last week, Bloomberg LLC had expressed interest in BusinessWeek late in the process, but was given extra time to perform due diligence. Well it appears that the bid has come in, according to Jon Fine, making them the presumptive favorite in purchasing the troubled title.

The media loves one-year anniversaries, hundred-day anniversaries — any excuse to zoom in on the thing they’ve been covering all along. This week’s one-year anniversary of the financial crisis — a gold mine for business magazines! Or a call for gold spray paint, if you’re BusinessWeek.

The deadline for final bids for BusinessWeek came and went yesterday, and its unclear whether or not Bloomberg LP would bid. The financial media giant is reportedly very interested in acquiring the troubled financial magazine, but since they got involved so late into the process, they will get an extra couple of days to perform due diligence and decide upon its bid.

The management at BusinessWeek must have taken the magazine’s endless parade of breathless Web 2.0 cover stories to heart. The New York Times reports that the deeply indebted magazine spent $16 million building a social networking site that has made just $600,000 in revenue. How?

Pretty much everyone – from Politics Daily to BusinessWeek to the LA Times to textbook companies and every techie publication known to man – is anticipating the release of a Kindle-esque Apple tablet, or at least an announcement of it. Perhaps Steve Jobs spoke too soon last year when he told the New York Times that the Kindle would inevitably fail because Americans just don’t read anymore.

President Obama has been on an impressive number of covers this week — Time, The Economist, The New Republic, New York Magazine, to name a few. Now Business Week has joined the pack, and even upped the ante with its cover this week, sending photographer Brad Trent to photograph the president while he answered questions from BW editor in chief Steve Adler and Washington bureau chief Jane Sasseen.

An article in week’s issue of Time titled “Business Journalism: A Vanishing Necessity?” suggests that the recent demise of Portfolio, as well as the current financial struggles of Business Week, are some sort of measure that business journalism itself is under threat. Really? Perhaps the real problem is that Time needs to widen its definition of “business journalism.”

It’s been a tough few months for businesss journals. First Portfolio folded in April. Then this week it was reported that BusinessWeek was for sale – some even suggested that its price tag was $1 for anyone who wants to take on its annual losses. Fortune just announced a re-design in light of a 39% decrease in ad pages. And now the CEO of Forbes.com has stepped down.

After what felt like a short springtime respite from the downward spiral of the media world, the bad news has been picking up again of late. Last week Gannett laid off upwards of 1,400 people, late last month Vibe folded, and the NYT.com has announced it may soon start charging for access. Today Bloomberg is reporting that McGraw-Hill may be putting BusinessWeek up for sale.