Bloomberg LP announced that it has completed the acquisition of BusinessWeek from The McGraw-Hill Companies. The deal was announced a month and a half ago.
“We share with McGraw-Hill a commitment to editorial excellence and we look forward to building on BusinessWeek’s 80-year tradition of great journalism,” said Bloomberg Chairman Peter T. Grauer.
“The BusinessWeek acquisition will yield significant benefits for users of the Bloomberg Professional service, and for our television, online and mobile properties. We are delighted to welcome BusinessWeek to the Bloomberg family,” said Daniel L. Doctoroff, president of Bloomberg.
“I am grateful to everyone who helped build BusinessWeek into the globally respected, flagship brand that it is, and I am proud that its name and all that it represents – independence, integrity and insightful reporting – will live on at Bloomberg,” said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies.
McGraw-Hill said it expects to recognize a $9.3 million pre-tax ($5.9 million post-tax) gain from the sale, or approximately two cents per diluted share, in its results for the fourth quarter of 2009.