We expect to hear news on the BusinessWeek sale any day now, but it seems that whether Bloomberg LP or Zelnick Media — the two bidders left in the process we’ve been tracking all summer — buy the business magazine, there will be changes for the staff to endure. Although it remains to be seen what will happen, one choice seems better than the other at the moment.
Last week, paidContent reported that Reuters had joined with Zelnick in its bid for BusinessWeek, which calmed some fears at the McGraw-Hill owned magazine. However, WWD has painted a scary picture for BW staffers if Bloomberg were to to win ownership of the mag:
“..the company is expected to only take on the BusinessWeek name and Web site, and none of its staff or bureaus…the deal hasn’t been sealed and there are still a few sticking points in negotiations, including who will pay the severance packages of BusinessWeek‘s staff — Bloomberg or current owner McGraw-Hill Cos. If Bloomberg does take over BusinessWeek, the company is expected to use the staff from Bloomberg Markets magazine to provide editorial for the acquired title.”
But don’t worry BusinessWeek staff, you might be able to find new jobs at BusinessInsider.com. We wonder if the business Web site will be as generous to the Forbes staffers who we hear might be getting the axe this week.
Dear BusinessWeek Folks…We Have A Few Jobs For You! — Business Insider
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