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."

Personal finance awards go to reporters at Roanoke Times, El Sentinel and Real Atlanta

Congratulations to three journalists from The Roanoke Times, El Sentinel, and Real Atlanta who have been named winners of the first McGraw-Hill Personal Finance Journalism Awards. The winners produced stories that helped raise financial literacy in Hispanic communities.

First Place: Adriana Gómez for her article "When Immigration Meets the American Dream" in the The Roanoke (Va.) Times. The article pinpoints the new challenges immigrants face in securing a home loan during a recession.

Second Place: Enrique Flor of El Sentinel newspaper in Fort Lauderdale, Florida, for his article "Defensa gratuita para foreclosures". He produced a Web story and video on how Latinos can seek free legal support when faced with possible foreclosures.

Third Place: Ana Carolina González, for her story "Guía para elegir una Consejería de Crédito", a step-by-step guide to finding a credit counselor, published on the Real Atlanta Web site.

The International Center for Journalists (ICFJ) administered the program, which was funded by The McGraw-Hill Companies.

More details and the official announcement here.

Deadline for ICFJ personal finance for Hispanic journalists June 8

The application deadline for International Center for Journalists' two online personal finance training courses is now June 8.
Hispanic journalists and U.S. journalists covering Hispanic issues in the U.S. and Puerto Rico can take the courses in Spanish or English from June 15 to September 14.
The courses will teach journalists about credit, lending, housing, mortgages, retirement planning and investing, and other issues.
Three participants will receive a McGraw-Hill Personal Finance Award and cash prizes of US$2,000, US$1,000 and US$500 at the end of the course. The winners will also participate in the McGraw-Hill Forum for Hispanic Financial Literacy.
For more information and online application click here.