BusinessWeek sold to Bloomberg

Posted by: Michael Mandel on October 14

People probably already know that BusinessWeek, after 80 years with McGraw-Hill, has been sold to Bloomberg. I’m hoping to be able to continue this blog—I’ll let you all know how things are shaking out.

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Reader Comments

Welcome Bloomberg!

October 14, 2009 11:21 PM

This is great news! Most Businessweek stories are a little left of center anyway. Bloomberg will balance out this journalistic bias.

Ajay

October 15, 2009 12:41 AM

Haha, good to hear the first commenter's enthusiasm, I was wondering if Mike would mention this news at all, particularly considering the embarrassing price of less than $5 million. It's fascinating how economically literate media companies like The Economist, the Wall Street Journal, and Bloomberg thrive in this increasingly competitive media climate while leftist rags like the NYT and others collapse. It all comes down to the simple fact that the economically literate publishers realize that (Huh!) their work has value and deserves payment, while the leftists follow techno-utopian delusions about "free" information into bankruptcy. Ultimately it's a comforting thought that such economic illiteracy inexorably ends in failure, while those who grasp basic economics survive to write another day. Don't worry Mike, it costs almost nothing to move this blog elsewhere, even assuming Bloomberg wouldn't be happy for you to continue.

Former MGH Employee

October 15, 2009 01:08 AM

McGraw-Hill continues its long traditon of acquiring businesses, running them down and then divesting them.

Mike

October 15, 2009 03:42 AM

It really doesn't have to do with left or right reporting. It's just dirt no matter what the politic is when you write for the lowest common denominator.

LAO

October 15, 2009 08:07 AM

Interesting that the view of Bloomberg is as right of center as opposed to neutral. Granted, M. Bloomberg is not on the left, but thankfully he and Bloomberg reporting do not, in my view, typically yield to the tendency of today's right to color reality to suit an ideological agenda -- business cannot afford it. Rather, he seems more representative of the last vestiges of a once rational Republican party, one that today's right gleefully skewers along with the left. Ever hear any praise of Eisenhower lately? Recall the rumors that Bloomberg could be drafted to run for President under some new umbrella that would draw from the best of both parties. Anyway, tell the man that I, for one, think he's got quite a bargain and I hope that he doesn't intend to destroy the essence of the fine old institution that has served me well, even if I have at times had to read between the lines.

CompEng

October 15, 2009 09:48 AM

Good luck, Mike! I hope the transition works well for you. :)

Rycoka

October 16, 2009 04:06 AM

Mike,
I hope it works out well for you. These things are always a worry for employees but you have a unique voice and perspective.
BTW, 80 years seems to be a long time to spend running down an acquisition, or am I missing some irony or hidden meaning?

Ballbuster

October 18, 2009 03:53 AM

After Bloomberg acquired BW, Mickey Mouse Mandel, Chief Economist of BW, is worried about losing his job. He should be. While busying himself writing his stupid econ-book for dummies during the past several years, Mandel had wrote nothing significant about the imminent collapse of real estate bubble; the financial meltdown; the death of America's auto industry; how the rating agencies such as Moody's, S&P and Fitch had mislead investors as to the true values of many financial institutions. Given such low marginal utility of having Mousy Mandel loitering around BW, is it any wonder that BW only fetched a pittance $5million. To be a bit fair to other writers of BW, unless Bloomberg had recently transformed himself into a tight-wad, his low purchase price exposes the low value of human capital at BW. If the supply-demand curve has any meaning it is that Mandel and his side-kick, Peter Coy, are over paid as BW economist. To recoup its investment in BW, Bloomberg should appoint Peter Schiff or Marc Faber as Chief Economist at BW as soon as possible.

Kartik

October 18, 2009 04:08 AM

I always considered the Economist to be a bit more left-wing than BW.

johnpro

October 19, 2009 07:47 PM

Nice to hear some intelligent comments.I used to subscribe to BW many years ago but I suffered from excessive info verses time to absorb problems.

The subscription had to go ...but now I can read online and get many insigtful comments makes my first visit here worthwhile. I'll be back.....

Thank you for your interest. This blog is no longer active.

 

About

Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.

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