Layoffs loom as Bloomberg buys BusinessWeek

BusinessWeek

has found a new home, and its identity comes as no surprise. Bloomberg LP, the financial news and information giant, has agreed to buy the 80-year-old business magazine after a public sale process that lasted throughout the summer.

In announcing the acquisition, Bloomberg president Dan Doctoroff sought to position it as a move that will enrich the value of the company's flagship product, its terminal-based news service, as well as its other digital offerings. "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," Doctoroff said in a statement.