Bloomberg LP is sniffing around for new acquisitions in business media. And now they have placed a bid to buy Businessweek, according to Jon Fine of Businessweek itself (via Fishbowl NY). It's not certain that the sale will actually be completed, but Fine notes that Bloomberg LP is "viewed as a company with both the resources to outbid most other comers and also one that has an existing infrastructure that many BusinessWeek operations can be folded into." He points out that Bloomberg LP has in excess of $5 billion in revenue annually, and more than "2,350 journalists -- or around 15 percent more than the combined staffs [of] The New York Times and The Wall Street Journal."
Businessweek is currently owned by McGraw-Hill. The magazine is in some financial trouble, almost $32 million in debt and having run a substantial loss last year. Michael Bloomberg owns most of the stock of Bloomberg LP, but quit as CEO in 2001 to run for mayor.
