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Taking Another Look At The BusinessWeek Deal

bloomberg logo.jpgYesterday afternoon came the long-awaited news that Bloomberg LP had snapped up McGraw-Hill‘s BusinessWeek.

This morning, there are a few new points of view on the deal, which is said to have cost Bloomberg less than $5 million. Bloomberg also reportedly agreed to assume all of BusinessWeek‘s liabilities, including the cost of getting magazines to all of its subscribers who have paid in advance and any severance packages for BusinessWeek employees who are laid off during the transition. The New York Times says BusinessWeek‘s liabilities were $31.9 million as of April.

The Times also reports that the magazine will be rechristened Bloomberg BusinessWeek.

The Financial Times focused on the fact that this acquisition is a change of pace for the privately owned Bloomberg. “The rare break from Bloomberg’s tradition of organic growth came as Thomson Reuters, its rival in financial data terminals, was putting the finishing touches to a takeover of, a UK-based financial commentary website.”

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LAT Profiles Nikki Finke|New York Profile Subject Dash Snow Dies|Thomson Reuters Looks To Buy|Next New Networks Trims Staff|Shirky Talks Jounalism Subsidies

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FishbowlLA: The Los Angeles TimesJames Rainey wrote an even-handed profile about Nikki Finke — after the Internet journo scared the crap out of him.

Unbeige: New York artist Dash Snow died Monday from a drug overdose. He gained notoriety in the New York art scene thanks to a lengthy profile in New York magazine two years ago.

New York Times: Thomson Reuters is in talks to buy financial commentary Web site

Silicon Alley Insider: Online video start up Next New Networks laid off a “handful” of staff today as part of reorganization.

Cato Unbound: Clay Shirky predicts that in the future journalism will have to deal with changes in subsidy. “There are many shifts coming, but three big ones are an increase in direct participation; an increase in the leverage of the professionals working alongside the amateurs; and a second great age of patronage,” he says

Timing is Everything: Bancrofts May Be Only Ones Making Good on Dow Jones Sale

01-large-sack-cash.gifSulzbergers take note! Looks like a year later the only people benefiting from the Dow Jones sale are the Bancrofts. Of course one of the reasons for this is that (as we are all painfully aware) in the months following that sale the bottom has come out on the print industry, meaning, had the Bancrofts kept the company the value of it now would be significantly less that it was 12 months ago. A fact News Corp. is painfully aware of. Per today’s column in the Times:

The Dow Jones transaction saddled the News Corporation with greater exposure to newspapers and the financial industry, just as both entered their darkest hours. Mr. Murdoch’s shareholders — among whom he and his family, with a 38 percent stake, are the biggest — are paying the price. Shares of the News Corporation have plunged 61 percent in the last year.

The lesson? Probably if the Sulzbergers were looking to get out they should have done so before now. Of course, never say never. Over at SpliceToday founder Russ Smith is wagering that by December 31 of next year the New York Times will have been sold. Anyone care to take him up on that?

Reuters Appoints International Commentary Editor

page11_1.gifReuters has announced that it has appointed “internationally-renowned correspondent” Jonathan Ford to the newly created position role of Reuters Commentary Editor, effective December 11, 2008. According to the press release Ford will “drive the development of commentary for Reuters worldwide, looking at opportunities to enhance Reuters international news offering and to give additional valuable insight and expertise.”

In case they weren’t already on your radar Reuters launched columns in 2007 (can a social-networking site be far behind?) to “provide added insight, analysis and a range of views to Thomson Reuters professional, financial, and media clients, and readers around the world.” Prior to taking this position Ford was a founder and deputy editor of, a journalist on the Financial Times, and a financial reporter on the Evening Standard. Full release after the jump.

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NYT Adds to its Opinion Roster

breakingv.pngHow does the saying go? One person’s trash is another person’s treasure? Well, looks like it works for newspaper columns also. Reuters is reporting that the New York Times is planning on launching a daily business column (what timing!) to be provided by

You may recall the Wall St. Journal, which had a contract with the site through 2009, dropped last week so that it might focus on its “Heard on the Street” column, but retains a six percent stake in the company. The Times plans on running the column daily beginning next week. Hopefully there will still be businesses to report on at that time.