Tuesday, The McGraw-Hill Companies (MHP) said it agreed to sell BusinessWeek to Bloomberg L.P., with the transaction expected to close during the fourth quarter of 2009. Terms of the agreement were not disclosed. Agreement with Bloomberg will enable BusinessWeek to continue delivering outstanding business journalism to decision makers around the world.
The transaction will enable McGraw-Hill to continue focusing resources on building the size, scale and global presence of its leading brands across fast-growing worldwide markets in financial services, education and business information.
Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill companies said,"We are pleased that we have reached an agreement for BusinessWeek to be acquired by Bloomberg, which shares the same high standards for editorial independence, integrity and excellence that have long defined BusinessWeek."
Peter Grauer, chairman of Bloomberg L.P. said, "BusinessWeek will be a powerful addition to our portfolio of leading news and information services. BusinessWeek is one of the business world's most recognized and trusted sources of news and insight, and we believe that it will be highly valued by our customers worldwide."
Financial information firm Bloomberg was widely considered as the front runner to acquire McGraw-Hill's BusinessWeek magazine, the Wall Street Journal reported citing people familiar with the situation.
Earlier private equity firm ZelnickMedia was also in the fray for the 80-year-old business magazine. Later BusinessWeek reported that an announcement regarding its sale was expected within the next couple of days. It was on July 13 that McGraw-Hill officially acknowledged it was exploring a sale for the magazine.
MHP closed Monday's trading at $28.32, down $0.11 or 0.39%, on a volume of 5.53 million shares on the NYSE. In after hours, the stock traded at $28.75, up $0.43 or 1.52%.
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