Bloomberg Buys BusinessWeek: ‘Reports Of A Scorched-Earth Campaign Are Overblown’
Bloomberg LP is the winning bidder for BusinessWeek, which you likely already know. But what happens to the magazine’s staff of more than 400?
“It remains to be seen” how many layoffs will take place, BW’s Tom Lowry reports, but “sources say” that “reports of a planned scorched earth campaign are overblown.”
This doesn’t mean that everyone is getting off scot-free: the magazine lost more than $43 million last year, or over $800,000 a week. Some efficiencies will have to be found.
Bloomberg has agreed to pay severance to those employees that do get the axe, and they’ll be making those decisions by the end of the year when the deal goes through.
Bloomberg execs are addressing BusinessWeek staff at the McGraw-Hill building right now.
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