Bloomberg acquires BusinessWeek

(BBC) 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 BusinessWeek.com website. Terms of the deal were not disclosed.
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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