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Did BusinessWeek Waste $20 Million on Website Before Sale to Bloomberg?

Whoops! A private direct message exchange between tech blogger Anil Dash and designer/publisher Jeffrey Zeldman accidentally wasn’t so private after all, and broadcast to the entire Twitterverse that BusinessWeek wasted $20 million on a publishing platform before the losses became too much, New York Observer reports.

“They bought a $20 million b*llshit CMS then laid off staff and went bankrupt as a direct result. Bloomberg bought them and laid off more staffers. Staffers were blameless in $20 M CMS debacle yet they took the hit for it,” Zeldman wrote.

And then: “Oh sh*t I thought those were DMs… Probably wasn’t public knowledge until 2 min ago.”

Uh oh! (And, how exciting!) But bear in mind that $20 million is an astronomical amount of money for a CMS system, so seems inaccurate. Moreover, former BusinessWeek creative director David Sleight tweetedBusinessWeek did not go bankrupt or buy a $20M CMS.”  He said he believes Zeldman may have been referring to technology that was bought for McGraw Hill’s Business Exchange.

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