UPDATE: BusinessWeek Joins the Bloomberg Empire

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BusinessWeek, the venerable 80-year-old magazine favored by corporate executives that has suffered declines in circulation and advertising lineage, has been unloaded by textbook publisher McGraw-Hill Cos. to Bloomberg LP. (See "TUOL" post 7/14/2009.)

Terms of the purchase, which is expected to be finalized in December, were not disclosed. Bloomberg's principal content officer, Norman Pearlstine, will become chair of BusinessWeek.  Advertising revenue at the periodical declined by one-third over the first three quarters of 2009, according to Publishers Information Bureau, though the magazine still offers Bloomberg a crack at a high-powered subscription list of more than 900,000 and an international readership of more than 4.7 million, according to the magazine's Web site.

How BusinessWeek will co-exist with Bloomberg Markets magazine has yet to be publicly discussed.