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Bloomberg Businessweek
File:Bloomberg Businessweek October 18 2010.jpg
October 18, 2010 cover of
Bloomberg Businessweek
EditorJosh Tyrangiel
CategoriesBusiness
FrequencyWeekly
Circulation923,457 [1]
(as of December 2010)
First issue1929
CompanyBloomberg L.P.
Based inNew York City, United States
LanguageEnglish
WebsiteBusinessweek.com
ISSN0007-7135

Bloomberg Businessweek, formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. Founded in 1929, BusinessWeek was created to provide information and interpretation about what was happening in the business world.[2] Today, Bloomberg Businessweek maintains a similar format and publishes articles about business and finance, along with features such as annual rankings of MBA programs at U.S. colleges and universities.[3][4]

History

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BusinessWeek was first published in September 1929, only weeks before the stock market crash of 1929. Early sections of the magazine included marketing, labor, finance, management and Washington Outlook, which made BusinessWeek one of the first publications to cover national political issues that directly impacted the business world. In 1950, the magazine published its first executive pay survey, which it still does today.[2]

BusinessWeek was originally published to be a resource for business managers. However in the 1970s, the magazine shifted it's strategy and added consumers outside of the business world to their target audience.[2] The strategy proved successful and between 1975 and 1995, BusinessWeek carried more annual advertising pages than any other magazine in the U.S.[5]

Under editor-in-chief Stephen B. Shepard, BusinessWeek's readership grew to more than six million in the late 1980s, securing its place as one of the top business publications in the U.S. along with competitors Forbes and Fortune.[6] Shepard spearheaded adjustments in BusinessWeek's format such as adding international editions and reporting on new and emerging business trends, such as the notion of the New Economy.[2]

Shepard served as editor-in-chief from 1984 until 2005 when he was chosen to be the founding dean of the CUNY Graduate School of Journalism. He was succeeded by Stephen J. Adler of The Wall Street Journal.[7]

Bloomberg L.P. Acquisition

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BusinessWeek suffered a decline during the late-2000s recession as advertising revenues fell by a third by the start of 2009 and the magazine's circulation fell to 936,000. In July 2009, it was reported that McGraw-Hill was trying to sell BusinessWeek and had hired Evercore Partners to conduct the sale. Because of the magazine's liabilities, it was suggested that it might change hands for the nominal price of $1 to an investor who was willing to incur losses turning the magazine around.[8]

In late 2009, Bloomberg L.P. bought the magazine — for a reported $2 million to $5 million plus assumption of liabilities — and renamed it Bloomberg BusinessWeek.[9][10] Adler resigned as editor-in-chief and was replaced by Josh Tyrangiel, who had been deputy managing editor for TIME Magazine.[11] In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.[12][13]

In 2011, Bloomberg Businessweek attracted a weekly readership of over 4.7 million, in 140 different countries.[14] That same year, the magazine's ad revenue increased 65.3% in the first quarter as compared to the same period the year before.[15]

Content

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Bloomberg Businessweek continues to publish articles about business and finance for corporate managers and general consumers. Although many thought content in the new Businessweek would serve as supplemental information for Bloomberg Terminal subscribers, The New York Times explains Bloomberg L.P.'s goal in purchasing the magazine was "to write directly for consumers."[11]

In addition to business articles, Businessweek has published annual rankings of business school MBA programs.[16] In 2006, it also started publishing annual rankings of undergraduate business programs.[17]

Additional versions

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In 2005, BusinessWeek publisher McGraw-Hill partnered with InfoPro Management, a publishing and market research company, to produce the Arabic version of the magazine in 22 Arab countries.[18] In 2011, Bloomberg Businessweek continued the magazine's international expansion and introduced local language editions in Poland, Turkey, Indonesia, Thailand and China.[19]

Also in 2011, print editions of Bloomberg BusinessWeek were reintroduced in European and Asian markets after being suspended in 2005 to help increase foreign readership of customized European and Asian versions of BusinessWeek's website.[20][21][22]

Bloomberg Businessweek launched an iPad version of the magazine using Apple's subscription billing service in 2011. The iPad edition was the first to use this subscription method, which allows people to subscribe using only their iTunes account.[23]

References

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  1. ^ "FAS-FAX Report - 12/31/2010". Audit Bureau of Circulations. Retrieved April 16, 2011.
  2. ^ a b c d "A historical perspective of BusinessWeek, sold to Bloomberg". Talking Biz News. Retrieved 2010-08-14. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  3. ^ Chakravorty Das, Jui; Robert MacMillian (13 July 2009). "McGraw-Hill trying to seel BusinessWeek". Reuters. Retrieved 22 July 2011.
  4. ^ "BusinessWeek Business School Rankings". BusinessWeek. Retrieved January 23, 2007.
  5. ^ Jackson, Kenneth T. (1995). The Encyclopedia of New York City. New York City: The New York Historical Society; Yale University Press. p. 172. ISBN 0-300-05536-6.
  6. ^ Moeller, Philip (31 July 1988). "Controlling 'insider' information is impossible". Toronto Star. Retrieved 22 July 2011.
  7. ^ Steinberg, Jacques (7 December 2004). "BusinessWeek Chooses Outsider as Ediitor in Chief". The New York Times. Retrieved 22 July 2011.
  8. ^ Edgecliffe-Johnson, Andrew (July 13, 2009). "Business Week Sale May Fetch only $1".
  9. ^ "Bloomberg to take over BusinessWeek". MSNBC. Retrieved 22 July 2011.
  10. ^ Lowry, Tom (October 13, 2009). "Bloomberg Wins Bidding For BusinessWeek". BusinessWeek. McGraw-Hill. p. 1. Retrieved April 13, 2011.
  11. ^ a b Clifford, Stephane (17 November 2009). "Deputy at Time Magazine to Be BusinessWeek Editor". The New York Times. Retrieved 22 July 2011.
  12. ^ Klenert, Josh (April 26, 2010). "Bloomberg Businessweek Redesign". Grids, the official SPD blog. Society of Publication Designers. Retrieved April 13, 2011.
  13. ^ "BusinessWeek Press Room". Onlinepressroom.net. Retrieved 2010-11-24.
  14. ^ McGraw-Hill trying to sell BusinessWeek: source Reuters'.' Retrieved 2010-08-14.
  15. ^ "Jan - Mar 2011 vs 2010". The Association of Magazine Media. Retrieved 2011-04-16.
  16. ^ "BusinessWeek Business School Rankings". BusinessWeek. Retrieved January 23, 2007.
  17. ^ "Undergrad Rankings 2010". BusinessWeek. Retrieved April 10, 2010.
  18. ^ "Arabic edition of BusinessWeek hits newsstands". The Daily Star. 28 October 2005. Retrieved 22 July 2011.
  19. ^ Schwartz, Matthew (11 July 2011). "Business magazines look overseas for growth". BtoB Media Business. Retrieved 22 July 2011.
  20. ^ "Bloomberg Businessweek starts Europe, Asia prints". The Wall Street Journal. 1 August 2011. Retrieved 11 August 2011.
  21. ^ "BusinessWeek Announces Repositioning in Global Markets". The McGraw-Hill Companies. Retrieved 2010-11-24.
  22. ^ Crampton, Thomas (15 January 2006). "U.S. weeklies trim foreign presence". The New York Times. Retrieved 22 July 2011.
  23. ^ "FIRST LOOK: Bloomberg's Slick New Businessweek iPad App". Business Insider. Retrieved 22 July 2011.
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