Page last updated at 23:23 GMT, Tuesday, 13 October 2009 00:23 UK

Bloomberg acquires BusinessWeek

Bloomberg website
Bloomberg said BusinessWeek would help better serve its customers

The financial news and data provider Bloomberg has agreed to buy BusinessWeek magazine.

The publication was put up for sale in July by owner McGraw-Hill, after making losses caused by falling advertising revenue.

Bloomberg, which was founded by New York Mayor Michael Bloomberg, expects to take control of the magazine by the end of the year.

The sale includes both the magazine and the website.

Terms of the deal were not disclosed.

"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," said Daniel Doctoroff, Bloomberg's president.

BusinessWeek has a circulation of about 921,000, but the number of advertising pages sold by the magazine has plummeted from a peak of 6,000 in 2000 to fewer than 1,900 last year, according to the Publishers Information Bureau.

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