Bloomberg Businessweek, known until 2010 as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. Businessweek was founded in 1929, the magazine was created to provide information and interpretation about what was happening in the business world. It is headquartered in New York City.
Businessweek was first published in September 1929, weeks before the stock market crash of 1929. The magazine provided information and opinions on what was happening in the business world at the time. 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.
Businessweek was originally published to be a resource for business managers. However, in the 1970s, the magazine shifted its strategy and added consumers outside of the business world. Since 1975, Businessweek has carried more annual advertising pages than any other magazine in the United States.
Stephen B. 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. Under Shepard, Businessweek's readership grew to more than six million in the late 1980s. He was succeeded by Stephen J. Adler of The Wall Street Journal.
Bloomberg L.P. acquisition
Businessweek suffered a decline during the late-2000s recession as advertising revenues fell one-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.
In late 2009, Bloomberg L.P. bought the magazine—for a reported price between $2 million to $5 million plus assumption of liabilities—and renamed it Bloomberg BusinessWeek. It is now believed McGraw-Hill received the high end of the speculated price, at $5 million, along with the assumption of debt. Currently, the magazine still loses $30 million per year, about half of the $60 million it was reported losing in 2009. Adler resigned as editor-in-chief and was replaced by Josh Tyrangiel, who had been deputy managing editor of Time magazine. In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.
Business school rankings
International editions of Businessweek were available on newsstands in Europe and Asia until 2005 when publication of regional editions was suspended to help increase foreign readership of customized European and Asian versions of Businessweek's website.
At the same time, Businessweek partnered with InfoPro Management, a publishing and market research company based in Beirut, Lebanon, to produce the Arabic version of the magazine in 22 Arab countries.
In 2011, Bloomberg Businessweek continued the magazine's international expansion and announced plans to introduce a Polish-language edition called Bloomberg Businessweek Polska, as well as a Chinese edition which was relaunched in November 2011.
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 one to subscribe via an iTunes account. There are over 100,000 subscribers to the iPad edition of Businessweek.
Honors and awards
Bloomberg Businessweek has received numerous awards since the Bloomberg L.P. acquisition. In 2011, Adweek named Bloomberg Businessweek as the top business magazine in the country. In 2012, Bloomberg Businessweek won the general excellence award for general-interest magazines at the National Magazine Awards. Also in 2012, Bloomberg Businessweek editor Josh Tyrangiel was named magazine editor of the year by Ad Age. In 2014, Bloomberg Businessweek won a Society of American Business Editors and Writers Best in Business award for magazines, general excellence.