Bloomberg L.P., has entered an agreement to purchase BusinessWeek magazine from its owner The McGraw-Hill Companies. Though the terms of the deal were not disclosed, BusinessWeek reported on Oct. 13 that Bloomberg was offering between $2 million and $5 million in cash. Bloomberg also agreed to assume all of BusinessWeek’s liabilities, including severance payments to any of the magazine’s 400 employees it lays off and the cost of delivering magazines to subscribers who have paid in advance. BusinessWeek’s liabilities totaled $31.9 million as of April.
The 80-year-old publication, like much of the media, has been hit hard by a decline in advertising and circulation revenues during the recession; it lost more than $43 million last year.
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