BusinessWeek magazine will soon be acquired by Bloomberg L.P. McGraw-Hill Cos. With this move, Bloomberg will be able to widen its reach at a time when the economic downturn has affected its core financial-services audience.

Though the purchase price was not revealed, however the sources claim it to be $2 million to $5 million.

The transaction, as per New York-based McGraw-Hill, will close in this quarter.

It was in July, when McGraw-Hill put BusinessWeek up for sale. This was also the time when advertising revenue was dropping notably. During the lower revenue period, there were rumors that the title may be closed.

The well renowned Condé Nast declared that four more magazines would end publication -- Gourmet, Cookie, Modern Bride and Elegant Bride. It also shut Portfolio magazine earlier this year.
 
Via a statement, Peter Grauer, Chairman of Bloomberg, said, "The acquisition of BusinessWeek will strengthen Bloomberg's online, television and mobile products.

Together, the BusinessWeek.com and the Bloomberg.com Web sites will have more unique visitors than any non-portal business and financial site."

Grauer informed that the company also intends to use BusinessWeek journalists on Bloomberg Television broadcasts. It has appeared that Norman Pearlstine will become Chairman of BusinessWeek. Prior to this, he became chief content officer for Bloomberg in 2008 after many years at The Wall Street Journal and Time Inc.

BusinessWeek, which has nearly 4.8 million readers each week, in 140 countries was established in 1929.