BusinessWeek acquisition to help Bloomberg improve products
Analysts think that Bloomberg's first acquisition is in response to its rival Thomson Reuters' bidding for UK-based financial commentary website Breakingviews.com. Some analysts think that BusinessWeek's brand value will help Bloomberg's plans to expand its market presence in all formats of news publications.
Due to a fall in ad revenue and readership circulation, the magazine industry is finding tough time to make profits. Earlier Conde Nast Publications has shuttered four of its magazine, which include food magazine Gourmet.
Daniel Doctoroff, president of Bloomberg, said: “BusinessWeek helps better serve our customers by reaching into the corporate suite and corridors of power in government, where news that affects markets and business is made by CEOs, CFOs, deal lawyers, bankers and government officials who typically are not terminal customers.”
Peter Grauer, chairman of Bloomberg, said: “The acquisition of BusinessWeek will strengthen Bloomberg's online, television and mobile products. We also expect to build Bloomberg Television content around the powerful BusinessWeek brand and its world-class journalists.”
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