The bidding for BusinessWeek should be finished any day now. It’s down to Bloomberg and ZelnickMedia, who is working with Reuters.
If Bloomberg buys the magazine, Amy Wicks at WWD says it will probably dump BusinessWeek’s staff:
By all accounts, the deal hasn’t been sealed and there are still a few sticking points in negotiations, including who will pay the severance packages of BusinessWeek’s staff — Bloomberg or current owner McGraw-Hill Cos. If Bloomberg does take over BusinessWeek, the company is expected to use the staff from Bloomberg Markets magazine to provide editorial for the acquired title.
BusinessWeek has a sharp website that updates hourly, so we would assume plenty of writers will be kept in place. But, this is depressing news for the already skittish staff at BusinessWeek.
Hopefully, they’ll be getting decent severance packages. We’ve heard that employees had been begging for buyouts when they caught wind that the magazine was up for grabs.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.