January 10, 2011 cover of Bloomberg Businessweek |
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| Editor | Josh Tyrangiel |
|---|---|
| Categories | Business |
| Frequency | Weekly |
| Total circulation (2011) |
921,839[1] |
| First issue | 1929 |
| Company | Bloomberg L.P. |
| Based in | New York City, United States |
| Language | English |
| Website | Businessweek.com |
| ISSN | 0007-7135 |
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.
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Businessweek was first published in September 1929, only weeks before the Stock Market Crash of 1929. Its original purpose was to provide information and opinions as to what was happening in the business world, at the time. The president of McGraw-Hill Publishing, Malcolm Muir stated, "The Business Week always has a point of view, and usually a strong opinion, both of which it does not hesitate to express. And all the way through, we hope you will discover it is possible to write sanely and intelligently of business without being pompous or ponderous."[2]
Initially, the magazine published sections that included topics such as marketing, labor, finance, and management, among others.[2] Consequently, Businessweek pioneered the action of covering national political issues that directly impacted the business world. In 1950, the magazine published its first executive pay survey, which it still does today.[2]
Stephen B. Shepard served as the editor in chief of the magazine from 1984 until 2005, when he was chosen to be the founding dean of the CUNY Graduate School of Journalism.[3] Stephen J. Adler of The Wall Street Journal was named to succeed Shepard as editor in chief at Businessweek.[4]
Like nearly all magazines, Businessweek suffered from a decline in advertising during the late-2000s recession. Print revenues halved, to US$60 million, between 2006 and 2009, and online revenues only grew marginally, to $20.5 million.[5] 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.[6]
In late 2009, Bloomberg L.P. bought the magazine — for a reported $2 million to $5 million plus assumption of liabilities — and renamed it Bloomberg BusinessWeek.[7][8] Adler resigned as editor-in-chief and was replaced by Josh Tyrangiel, who had been deputy managing editor for Time Magazine.[9] In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.[10][11]
For decades, the magazine's primary competition in the national business magazine category were Forbes Magazine[2] and Fortune, both published on a bi-weekly basis.
Since 1975, Businessweek has carried more annual advertising pages than any other magazine in the United States.[12]
During the 1990s, Businessweek's advertising campaign expanded, creating efforts to try to solicit new readers from outside the business world. The magazine's then-editor in chief, Steven B. Shepard, helped implement an international edition of the magazine, expanding global reach and interest, and helped to report new and emerging business trends, such as the notion of the New Economy.[2] Weekly readership of Businessweek is over 4.8 million, in 140 different countries.[13] In 2011 Businessweek's ad revenue went up 65.3% in comparison to the previous year.[14]
Since 1988, Businessweek has published annual rankings of United States business school MBA programs.[15] In 2006, it also started publishing annual rankings of undergraduate business programs.[16]
Businessweek discontinued its European and Asian editions in 2005. A December 7, 2005, press release[17] issued by McGraw-Hill stated that it had decided to deliver a single global edition instead of providing separate regional ones. However, in 2011 a Polish edition, named Bloomberg Businessweek Polska, will be re-launched after a 6-year break.
There is also an Arabic edition launched in October 2005 by InfoPro Management sarl (InfoPro), a publishing and market research company based in Beirut, Lebanon and The McGraw Hill Companies, Inc.[18]
In April 2011, Bloomberg Businessweek launched an iPad version of the magazine available as an iTunes subscription for $2.99 a month.[19]
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