Bloomberg wins bidding for BusinessWeek

Bloomberg L.P., the financial-media behemoth founded by New York Mayor Michael R. Bloomberg, has won the bidding for BusinessWeek magazine.

The New York Times Media Decoder blog says the purchase signals a broadening of ambitions for Bloomberg, long known for its comprehensive data terminals and financial audience.

BusinessWeek.com reports that "cash offer is in the $2 million to $5 million range and that it has agreed to assume liabilities, including potential severance payments. 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."

McGraw-Hill Cos., which has owned the magazine for 80 years, put it up for sale after it lost $43 million last year, according to The Times blog, which also reported:

"Late in the game, a consortium from Thomson Reuters and ZelnickMedia entered the bidding, according to reports. Thomson Reuters declined to comment on the report.

"Other bidders included OpenGate Capital, the private equity firm that bought TV Guide for $1 last year, and Mortimer B. Zuckerman, who withdrew from the bidding."

Four projects and investigations editors wanted at Bloomberg

Bloomberg L.P. is looking for four full-time projects and investigations production editors in New York, Washington D.C., Los Angeles and San Francisco.
The editors will be responsible for making the final preparations on stories from the Bloomberg's projects and investigations teams heading to publication. Along with copy-editing and fact checking articles, the editors will coordinate all photos, graphics, audio video and links.
Candidates should have a bachelor's degree and at least five years' experience in copy editing.

To read more about the positions and apply online, visit:

The New York, New York posting here.

The Washington D.C. posting here.

The Los Angeles, California posting here.

The San Francisco, California posting here.

Google's Cheng to join Bloomberg

The Wall Street Journal reports that a director for product management at Google is leaving the company to join Bloomberg LP.
Ien Cheng will become the Bloomberg multimedia group's chief of staff, a role that will have him overseeing television, radio, Web and mobile properties.
From the story:

Mr. Cheng’s hire signals a continuation of a broader effort by Bloomberg to reduce its reliance on sales of the financial-data “terminals” that account for most of its revenue. The evaporation of thousands of financial-sector jobs in the past year has slowed terminal sales, prompting the company founded by New York City Mayor Michael Bloomberg to focus on making money on the large newsgathering operation that supplies the terminals with news, say people familiar with the situation. Last fall the company hired former Sony BMG Chairman and NBC News President Andrew Lack to run its multimedia business.