Bloomberg Wins BusinessWeek; Pearlstine Will Be Chairman

Quotes

1. “ We are not buying BusinessWeekto gut it. We are buying it to build it. ”

   By Daniel L. Doctoroff

2. “ The BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television, online and mobile properties. ”

   By Daniel L. Doctoroff

3. “ 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. ”

   By Peter Grauer

4. “ Norm's role will ensure that we fully capitalize on the combined strengths of Bloomberg and BusinessWeek. ”

   By Matthew Winkler

5. “ I am very proud of the tremendous contributions BusinessWeek has made to The McGraw-Hill Companies throughout its rich history. It is a truly outstanding franchise and the best source of business reporting in the world. ”

   By Harold McGraw III

Entities Mentioned

• Bloomberg
• Thomson Reuters
• McGraw-Hill
• Staci D.
• McGraw-Hill Companies
• Bloomberg L.P.
• Peter Grauer
• The Wall Street Journal

1. Last-minute entrant Bloomberg L.P. has won the bidding for BusinessWeek, agreeing to acquire the venerable business magazine, BusinessWeek.com and other assets from McGraw-Hill (NYSE: MHP) for an undisclosed amount. BW puts the deal in the “$2 million to $5 million range” plus liabilities, including potential severance payments—not the $1 some joked about but the moral equivalent. Norman Pearlstine, the Time Inc. and Wall Stree (Read Full Article)

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