As mayor of New York, Mike Bloomberg is supposed to stay away from the operations of Bloomberg LP.
So he wasn’t involved in the decision to purchase BusinessWeek. Now that it’s been done though, he’s quite pleased.
He even has an opinion about how to fix the magazine, which is on track to lose around $60 million this year, according to various reports:
NYT: “They told me that they wanted to look at it,” Mr. Bloomberg said during an appearance in Manhattan on an unrelated matter. “I certainly didn’t have any objections to it. I think it’s a great magazine…
“The magazine business — my personal opinion is — has fallen on hard times because of the economy, and the economy will come back,” Mr. Bloomberg said. “I am very optimistic, as you know, about New York City’s economy, and one would hope that that magazine would benefit going forward.”
He continued: “I’ve never believed that print is dead. I’ve always believed that there are two problems with print journalism today. One is lack of advertising, some parts of which will come back, and two, when nobody is buying your magazine or your newspaper, it’s because you’re not writing what people want to read.”