Bloomberg LP, founded by Mayor of New York City, Michael Bloomberg, has bought the weekly magazine BusinessWeek which has been owned by McGraw-Hill for 80 years.

CNNmoney.com reported Tuesday evening that Bloomberg is paying around $5 million for the magazine. The company, which provides news, data and financial software to companies, says that it will attempt to keep the BusinessWeek’s well-known image intact, and that it is well suited for Bloomberg LP’s corporate clientele.

Twitterers are contributing their thoughts from how little the magazine sold for to where the news industry has been heading for quite some time:

1. 
   bkgraham (Halifax, Nova Scotia) Bloomberg buys Business Week for less than $5 million. How cheap can a brand like that get? http://bit.ly/G6rXd 13 Oct 2009 from web
2. 
   zjthomas (London, England) Bloomberg buys Business Week!! Turmoil in business media industry!!! 13 Oct 2009 from web
3. 
   JoeTacopino (Undisclosed) Bloomberg buys Business Week. Will billionaire mayor save newspapers next? 13 Oct 2009 from web
4. 
   bellisimatime (Undisclosed) will magazines become museum pieces? bloomberg buys business week 4 5 mil. aiyiyi. oh and what about conflict of interest, hmmm? 13 Oct 2009 from web
5. 
   BelugaBoyd (Vancouver, British Columbia) Bloomberg buys Business Week for $2-$5 mil + liabilities http://bit.ly/160os2 Amazing how poorly valued traditional media is these days! 13 Oct 2009 from TweetDeck
6. 
   rustyw (Boston, Mass.) Bloomberg buys BusinessWeek for nothing. Reports Mashable worth $100M+ . Inconceivable! (Princess Bride) http://bit.ly/gwGQE 13 Oct 2009 from TweetDeck

 BusinessWeek was put up for sale after seeing a 40 percent decrease in advertising sales this year. The magazine industry overall has seen a 20 percent drop in ad sales this year, CNNmoney reported.

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