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Posts Tagged ‘McGraw-Hill’

Last Week at BusinessWeek

businessweek_cover.jpgWe would have awarded the media fatigue prize last week to Condé Nast and all the speculation of what they’d cut next but, let’s face it, every week is a Condé Nast week.

Last week, the true speculation has been about Bloomberg LP‘s acquisition of BusinessWeek from McGraw-Hill: Who’s staying, who’s going, and who should step up to the plate and run the publication.

Read on for a recap of BusinessWeek news.

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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 Breakingviews.com, a UK-based financial commentary website.”

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And BusinessWeek Goes To: Bloomberg LP

businessweek cover 1012.jpg After weeks of speculation, Bloomberg LP just announced that it has agreed to acquire BusinessWeek from McGraw-Hill Cos.

Bloomberg, a late entrant into the bidding for the business weekly, did not disclose terms of the deal.

There had been some speculation last week that, if Bloomberg were to acquire BusinessWeek, the magazine’s staff might be dumped and replaced by the current staff of Bloomberg Markets magazine. Although the press release that just went out about the deal didn’t address any staffing decisions yet, it did note that Bloomberg’s chief content officer Norman Pearlstine has now been named chairman of BusinessWeek.

“Norm’s role will ensure that we fully capitalize on the combined strengths of Bloomberg and BusinessWeek,” said Matthew Winkler, editor-in-chief of Bloomberg News.

We’ll keep you updated as this story progresses. Know anything? Let us know.

Full release after the jump.

Update: BusinessWeek‘s own “On Media” column reports that Bloomberg likely offered $2 to $5 million in cash for the magazine and “has agreed to assume liabilities, including potential severance payments.” Added reporter Tom Lowry, “It remains to be seen how much of the magazine’s 400-plus staff Bloomberg plans to cut, but reports of a planned scorched earth campaign are overblown, say sources.”

Another update: BusinessWeek Publisher Keith Fox‘s memo to the magazine’s staff: “While the ink is barely dry and the long-term plans are being worked out, we do know that Bloomberg is committed to and values our brand, our editorial integrity, and our ability to drive advertising, circulation, and new digital revenue.”

Earlier: Down To The Wire At BusinessWeek

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Down To The Wire At BusinessWeek

businessweek cover 1012.jpgWe 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

Bloomberg “Most Aggressive” Bidder For BusinessWeek

businessweek cover.jpgAlthough BusinessWeek‘s media columnist Jon Fine has already departed for his six-month sabbatical, his publication is still closely tracking its own sale.

Bids for the business magazine were due yesterday to BusinessWeek‘s owner McGraw-Hill, and at least four parties have submitted revised bids, according to Tom Lowry, who has taken over Fine’s “On Media” column:

“Among those submitting revised bids were financial data giant Bloomberg LP, private equity firm Open Gate Capital, and investment firm ZelnickMedia LLC. At least one other bidder, which BusinessWeek was not able to identify, also submitted a bid.”

Although details of the bids are unknown, Lowry said Bloomberg has been “the most aggressive in its pursuit of BusinessWeek.” According to Lowry, Bloomberg’s chief content officer Norm Pearlstine met with various members of the BusinessWeek editorial team last week, including editor-in-chief Stephen Adler, executive editors Ellen Pollock and John Byrne and Ciro Scotti, BusinessWeek‘s managing editor. These meetings discussed topics like the possibility of integrating content from Bloomberg into the magazine and adding more editorial pages to the book, which “suggests Bloomberg might be looking at tinkering with BusinessWeek‘s traditional 60-40 mix of editorial pages to ad pages,” Lowry said.

Right now, it’s all speculation. The sales process is just at the beginning, but we’re bound to learn more as it progresses. But a successful media company like Bloomberg taking over the reins of a struggling pub like BusinessWeek certainly seems promising, even if the editorial mix of the mag may change in the future. If BusinessWeek survives in any form, and jobs are saved, it’s better than the fate suffered by other magazines, like Portfolio.

BusinessWeek Accepts Revised Bids From Potential BuyersBusinessWeek

Earlier: Getting The Skinny On The BusinessWeek Deal As Bid Deadline Looms

Getting The Skinny On The BusinessWeek Deal As Bid Deadline Looms

businessweek.jpg After tracking the upcoming BusinessWeek sale all summer, the magazine’s own media columnist Jon Fine has compiled all the known information about the transaction and put together this helpful guide.

So what do we know? The deadline for any interested parties to place a bid for the magazine is tomorrow. And Fine knows of at least seven potential bidders who have gotten debriefed by BusinessWeek execs and the management of the magazine’s owner, McGraw-Hill:

“They are New York Magazine owner Bruce Wasserstein; Fast Company and Inc. owner Joe Mansueto; and four private equity firms: Platinum Equity, Warburg Pincus, OpenGate Capital, and ZelnickMedia. The seventh player is Bloomberg LP, which despite having previously rebuffed McGraw-Hill in talks regarding a deal for BusinessWeek, apparently got very interested very quickly and is expected to meet with BusinessWeek management Monday, Sept. 14.”

Fine also said there are as many as three other unnamed parties who have shown interest, although he has been unable to dig up any info about them. (Know something? Send us an email.)

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Roker Spots CBS Correspondent In “Today” Crowd|Journalism Online Reveals Business Plan|Bloomberg Vies For BusinessWeek|Vibe Editor Smith Finds New Gig|Graydon Carter Avoids McKinsey Meetings

TVNewser: Al Roker spotted veteran CBS Washington correspondent Phil Jones in the crowd outside the “Today Show” this morning. Jones and his wife were holding a sign announcing their 40-something son’s engagement. Joked Roker, “Too bad there isn’t a morning show on CBS that you could’ve announced that on.”

Nieman Lab: Journalism Online — which aims to help media companies monetize their content online — allowed a peek at its business model: it plans to seek a 20-percent cut of the subscription revenue earned by the media companies that it works with.

New York Post: Bloomberg is making a bid to buy BusinessWeek from McGraw Hill.

The New York Times: Former Vibe editor Danyel Smith is now working as the executive editor of the Root, an online politics and culture magazine aimed at a black audience.

The Observer: Vanity Fair editor Graydon Carter boasted that he won’t have to meet with McKinsey consultants. Carter was generally upbeat about working as a magazine editor during the recession: “It’s actually a great time to be an editor because there’s a lot of great stories out there. It’s a tougher time to be a publisher.”

Remembering Don Hewitt|YouTube Partners With Time Warner|MySpace Confirms iLike Buy|Papers Form Sports Content Sharing Network|BusinessWeek Buy Update

TVNewser: Broadcasters remember Don Hewitt and this Sunday “60 Minutes” will have a one-hour tribute to the show’s creator. Wonder what Katie Couric‘s hair will look like in this one.

BayNewser: YouTube has partnered with Time Warner, meaning that clips from CNN, the Cartoon Network and TV shows like “Gossip Girl” and “The Ellen DeGeneres Show” will soon be available on YouTube.

WebNewser: MySpace has confirmed reports of its acquisition of social music service iLike.

Editor & Publisher: Nearly 50 newspapers have joined a national sports content sharing network, which is set to start in September.

New York Post: Keith Kelly has some dish on the BusinessWeek sale. It looks like bids from the various parties interested in the business mag won’t come until next month, and bidders are skeptical about the price that McGraw-Hill is seeking for the struggling magazine.

Mansueto Eyes BusinessWeek

bw.pngOver the past few weeks, BusinessWeek‘s own media columnist Jon Fine has been tracking the efforts by the magazine’s owner, McGraw-Hill, to sell the business pub.

Yesterday, he reported another possible bidder has entered the fray: Jon Mansueto, whose Mansueto Ventures also owns Inc. and Fast Company.

Mansueto has a history of buying magazines when they’re a good deal, Fine said. “In 2005 Mansueto bought Inc. and Fast Company from Gruner & Jahr for around $35 million in cash plus the assumption of certain liabilities,” he said.

Mansueto’s interest in BusinessWeek might have another explanation as well. John Byrne was editor of Fast Company when Manseuto purchased the magazine and he helped broker the deal that brought Fast Company and Inc. under Mansueto’s control. He left the company shortly thereafter to return to … BusinessWeek. He currently serves as executive editor of the magazine and editor-in-chief of Businessweek.com.

Meanwhile, as Fine previously reported, other parties are also interested in possibly making a bid for BusinessWeek and have taken meetings with the magazine’s management. New York magazine owner Bruce Wasserstein met with BusinessWeek insiders earlier this week, and three private equity firms have also shown an interest.

Read the whole story here.

Earlier: BusinessWeek Update: There Are Interest Parties

DC Hacks Defeat Flacks In Annual Softball Game|McGraw-Hill Posts Declining Revenue Numbers|Mom & Baby Shuttered, Natural Health Staff Departs|Can Gaspin Do Better Than Silverman?

FishbowlDC: DC journalists took on publicists last night in the annual Hacks vs. Flacks softball game. Just like our Hacks v. Flacks Guitar Hero showdown earlier this month, the DC Hacks handily defeated Team Flack 12-9. (Slideshow above).

Folio: BusinessWeek publisher McGraw-Hill reported its financials for the first half of the year today. Here’s a run down: net income was down 22.4 percent during the first six months of 2009, to $233.8 million compared to $301.5 million last year. Revenues for the period declined 9.6 percent to $2.6 billion.

Mediaweek: American Media Inc. has suspended publication of Mom & Baby magazine and is cutting Natural Health‘s print run to eight issues a year, down from 10. Natural Health will now be produced by the staff of Fit Pregnancy, who used to create Mom & Baby. The health magazine’s publisher, Eileen Chiafair, and editor, Mary Bolster, have left the company.

SFGate: Tim Goodman rants about Ben Silverman‘s departure from NBC and Jeff Gaspin‘s future. “That Silverman will be remembered for continuing to run NBC into the ground is a legacy he can shake by, say, tomorrow, because it’s not too difficult to assume that the next person will do precisely the same thing,” he said.

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