John A. Byrne

Will BusinessWeek bring social media to Bloomberg?

Times are tough for many magazines these days. BusinessWeek knows that
first-hand. The weekly business magazine will reportedly lose some $40m
this year.

But after a long bidding process, it has found a knight in shining armor:
Bloomberg LP. The privately-held financial software, data and news
company is acquiring BusinessWeek for an undisclosed sum rumored to be
in the range of $2-$5m (yes you read that right, million). It will
also take on BusinessWeek’s liabilities, which could far exceed that
amount.