Bloomberg to buy BusinessWeek from McGraw-Hill

Bloomberg LP will buy BusinessWeek magazine from McGraw-Hill Companies as the news and data provider seeks to reach a wider audience than its traditional clients in financial services.

The announcement on Tuesday comes after several rounds of bids by various private equity firms and publishers. Bloomberg was long seen as the most likely winner of the auction. The company, controlled by New York City Mayor Michael Bloomberg, provided few details on how much it will pay and how many BusinessWeek staff might lose their jobs. Bloomberg offered $2 million to $5 million, and agreed to assume BusinessWeek's liabilities, including potential severance payments, according to the magazine's website. "The fact is, it has been losing a meaningful amount of money and that is reflected in the purchase price," Bloomberg President Daniel Doctoroff told Reuters in an interview, declining to confirm or deny the price.