Breaking: Bloomberg L.P. has announced it is acquiring BusinessWeek. “The BusinessWeek acquisition will yield huge benefits for users of the Bloomberg terminal, and for our television, online and mobile properties,” said Daniel Doctoroff, president of Bloomberg in a press release. “We couldn’t be more excited.”

BloombergTV, which has undergone belt tightening since the arrival of former NBC News president Andy Lack last year, will incorporate the BusinessWeek brand and its journalists on air.

Heading up the operation as Chairman is former Time and Wall Street Journal editor Norman Pearlstine who joined Bloomberg in May 2008 as Chief Content Officer.

Terms of the deal were not disclosed.