Bloomberg LP has submitted its bid for the acquisition of BusinessWeek, the 80-year old business magazine published by McGraw-Hill. BusinessWeek is passing through a tough time with its revenues gradually shrinking with declining revenues from advertising. The bid by Bloomberg has been received after being given a few days’ grace past the September 15 deadline for final bids for BusinessWeek.
Besides Bloomberg, a number of bidders have filed bids for BusinessWeek and have showed keen interest in the brand that is considered as one of the world's leading sources of essential and trusted content that informs and inspires business leaders to make smarter decisions in their professional and personal lives.
The McGraw-Hill Companies announced in July this year that it is exploring strategic options for BusinessWeek. One of the other bidders for BusinessWeek includes OpenGate Capital, the private equity firm that owns TV Guide magazine.
Bloomberg operates a wire service, a Web site, a cable channel and Bloomberg Markets magazine. Recently, Bloomberg has tied-up with the Indian media firm UTV Software Communications to revamp their business channel UTVi to Bloomberg-UTV and have a wider reach towards the Indian audience. The bid for BusinessWeek reveals further plans of Bloomberg for expansion in the media industry.