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Bloomberg Businessweek

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Bloomberg Businessweek, previously known as BusinessWeek (and before that Business Week and The Business Week), is an American monthly business magazine published 12 times a year.[2] Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City in September 1929.[3]

Bloomberg Businessweek
244 649photo
February 15, 2021 cover of
Bloomberg Businessweek
EditorBrad Stone
CategoriesBusiness
Frequencymonthly
Total circulation
(2018)		325,000[1]
FoundedSeptember 1929; 95 years ago (1929-09), New York City
First issueSeptember 1929; 95 years ago (1929-09), New York City
CompanyBloomberg L.P.
CountryUnited States
Based inNew York City
Bloomberg Tower, 731 Lexington Avenue, Manhattan, New York City 10022, United States (business magazine)
Citigroup Center, 153 East 53rd Street between Lexington and Third Avenue, Manhattan, New York City 10022 (market magazine)
LanguageEnglish
Websitebloomberg.com/businessweek
ISSN0007-7135

Bloomberg Businessweek business magazines are located in the Bloomberg Tower, 731 Lexington Avenue, Manhattan in New York City and market magazines are located in the Citigroup Center, 153 East 53rd Street between Lexington and Third Avenue, Manhattan in New York City.

History

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The Business Week was first published based in New York City in September 1929, weeks before the stock market crash of 1929.[4] The magazine provided information and opinions on what was happening in the business world at the time. Early sections of the magazine included marketing, labor, finance, management and Washington Outlook, which made The Business Week one of the first publications to cover national political issues that directly impacted the business world.[5]

The name of the magazine was shortened to Business Week in 1934.[6] Business Week was originally published to be a resource for business managers. However, in the 1970s, the magazine shifted its strategy and added consumers outside the business world.[3] As of 1975, the magazine was carrying more advertising pages annually than any other magazine in the United States.[7]

In 1976 and 1977, the magazine's name's form was changed from Business Week to BusinessWeek.[8] Businessweek began publishing its annual rankings of United States business school MBA programs in 1988.[9]

Stephen B. Shepard served as editor-in-chief from 1984 until 2005 when he was chosen to be the founding dean of the CUNY Graduate School of Journalism. Under Shepard, Businessweek's readership grew to more than six million in the late 1980s.[10] He was succeeded by Stephen J. Adler of The Wall Street Journal.[11] In 2006, Businessweek started publishing annual rankings of undergraduate business programs in addition to its MBA program listing.[12]

Recession and Bloomberg LP acquisition

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Businessweek suffered a decline in circulation during the late-2000s recession as advertising revenues fell one-third by the start of 2009 and the magazine's circulation fell to 936,000. In July 2009, it was reported that McGraw-Hill was trying to sell Businessweek and had hired Evercore Partners to conduct the sale.[13] 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.[14]

In late 2009, Bloomberg L.P. bought the magazine—reportedly for between $2 million to $5 million plus assumption of liabilities—and renamed it Bloomberg BusinessWeek.[15] News reports published in 2019 suggest McGraw-Hill received the high end of the speculated price, at $5 million, along with the assumption of debt.[16][17]

2010−2018

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In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.[18] As of 2014, the magazine was losing $30 million per year, about half of the $60 million it was reported losing in 2009.[19] Adler resigned as editor-in-chief and was replaced by Josh Tyrangiel, who had been deputy managing editor of Time magazine.[20] In 2016, Bloomberg announced changes to Businessweek, which was losing between $20 and $30 million. Nearly 30 Bloomberg News journalists were let go across the U.S., Europe and Asia and it was announced that a new version of Bloomberg Businessweek would launch the following year. In addition, editor in chief Ellen Pollock stepped down from her position and Washington Bureau Chief Megan Murphy was named as the next editor in chief.[21] Megan Murphy served as editor from November 2016;[21] until she stepped down from the role in January 2018 and Joel Weber was appointed by the editorial board in her place.[22]

"The Big Hack" controversy

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On October 4, 2018, Bloomberg Businessweek published "The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies", an article by Jordan Robertson and Michael Riley which claimed that China had hacked dozens of technology corporations including Amazon and Apple by placing an extra integrated circuit on a Supermicro server motherboard during manufacturing.[23]

Pingwest, a media company founded in Silicon Valley and based in Beijing, identified the chip mentioned in the article as a balun. Pingwest pointed out that its size made it impossible to implement any form of attack; it did not have the storage space required to store commands that would allow a hacker to infiltrate the hardware. They suggested that Businessweek had underestimated security standards employed by Amazon and Apple.[24]

The claims by Bloomberg have been heavily questioned. By 2 p.m. on the day of publication, Apple, Amazon, and Supermicro issued blanket denials, which Bloomberg reported.[25] Within the week, the United States Department of Homeland Security stated that it saw no reason to question those refutations.[26] The National Security Agency and Government Communications Headquarters and NCSC also denied the article's claims.[27]

In 2021, Bloomberg published a follow-up article standing by its allegations.[28][29]

Switch to monthly publishing

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On Dec. 1, 2023, The New York Times reported a memo was sent out to Bloomberg Businessweek staff members informing them the publication will relaunch sometime in 2024 as a monthly magazine and be redesigned with “heavier paper stock for a more high-end look and feel.”[30]

Brad Stone was appointed editor of the magazine in January 2024 and will oversee the transition to monthly publication. The magazine switched to publishing bi-weekly as part of the transition, starting in January.[31]

Redesign

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In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign. During the following years, the bold, eclectic, playful, and memetic face of Businessweek was cultivated largely by Businessweek's Creative director, Richard Turley then Rob Vargas (from 2014), and Deputy Creative director Tracy Ma (from 2011 through 2016). During her time at Businessweek, Ma worked on over 200 issues.[32] Now she is the Visual Editor at The New York Times Styles desk.

Additional versions

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International editions of Businessweek were available on newsstands in Europe and Asia until 2005 when publication of regional editions was suspended to help increase foreign readership of customized European and Asian versions of Businessweek's website.[33] However, the same year the Russian edition was launched in collaboration with Rodionov Publishing House.[34]

At the same time, Businessweek partnered with InfoPro Management, a publishing and market research company based in Beirut, Lebanon, to produce the Arabic version of the magazine in 22 Arab countries.[35]

In 2011, Bloomberg Businessweek continued the magazine's international expansion and announced plans to introduce a Polish-language edition called Bloomberg Businessweek Polska, as well as a Chinese edition which was relaunched in November 2011.[36][37][38]

Bloomberg Businessweek launched an iPad version of the magazine using Apple's subscription billing service in 2011.[39][40] The iPad edition was the first to use this subscription method, which allows one to subscribe via an iTunes account.[41] There are over 100,000 subscribers to the iPad edition of Businessweek.[42]

Honors and awards

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In the year 2011, Adweek named Bloomberg Businessweek as the top business magazine in the country.[43] In 2012, Bloomberg Businessweek won the general excellence award for general-interest magazines at the National Magazine Awards.[44] Also in 2012, Bloomberg Businessweek editor Josh Tyrangiel was named magazine editor of the year by Ad Age.[45] In 2014, Bloomberg Businessweek won a Society of American Business Editors and Writers Best in Business award for magazines, general excellence.[46]

In 2016, the Online Journalism Awards highlighted Bloomberg Businessweek's explanatory reporting work on “What Is Code?”[47][48]

Employees

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Notable present and former employees of the magazine include:[49]

See also

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References

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  1. ^ "History & Facts". Bloomberg L.P. Retrieved April 27, 2016.
  2. ^ "Bloomberg Businessweek: Annual Subscription". Businessweek.com. Archived from the original on 23 May 2020. Retrieved 14 October 2019.
  3. ^ a b "McGraw-Hill trying to sell BusinessWeek". Reuters. July 13, 2009. Archived from the original on July 3, 2013. Retrieved July 22, 2011.
  4. ^ Delbridge, Emily (November 21, 2019). "The 8 Best Business Magazines of 2020". The Balance Small Business. New York City: Dotdash. Best for Business News: Bloomberg Businessweek. Retrieved 8 Feb 2020.
  5. ^ "A historical perspective of Businessweek, sold to Bloomberg". Talking Biz News. 13 October 2009. Retrieved August 14, 2010.
  6. ^ [See decade histories at "Businessweek at 90: Covering Business Through the Decades".
  7. ^ Jackson, Kenneth T.; Keller, Lisa; Flood, Nancy V., eds. (2010). The Encyclopedia of New York City (2nd ed.). New Haven: Yale University Press; New‑York Historical Society. p. 957. ISBN 978-0-300-18257-6. LCCN 2010-31294. OCLC 842264684. OL 25891135M.
  8. ^ Compare the October 4, 1976 cover to the January 24, 1977 cover.
  9. ^ "BusinessWeek Business School Rankings". BusinessWeek. Archived from the original on June 3, 2007. Retrieved January 23, 2007.
  10. ^ Moeller, Philip (July 31, 1988). "Controlling 'insider' information is impossible". Toronto Star. Archived from the original on July 30, 2013. Retrieved July 22, 2011.
  11. ^ Steinberg, Jacques (December 7, 2004). "BusinessWeek Chooses Outsider as Editor in Chief". The New York Times. Retrieved July 22, 2011.
  12. ^ "Undergrad Rankings 2010". BusinessWeek. Archived from the original on May 4, 2010. Retrieved April 10, 2010.
  13. ^ "McGraw-Hill trying to sell BusinessWeek: source". Reuters. 2009-07-13. Retrieved 2019-10-29.
  14. ^ Edgecliffe-Johnson, Andrew (July 13, 2009). "Business Week sale may fetch only $1". Financial Times. Retrieved April 1, 2013.
  15. ^ "Bloomberg to take over BusinessWeek". MSNBC. Associated Press. October 13, 2009. Retrieved July 22, 2011.
  16. ^ Clifford, Stephanie; Carr, David (2009-10-13). "Bloomberg Buys BusinessWeek From McGraw-Hill". The New York Times. ISSN 0362-4331. Archived from the original on 2019-12-04. Retrieved 2019-12-04. Terms of the deal were not disclosed, but the price was said to be near $5 million, plus assumption of liabilities, which were $31.9 million as of April.
  17. ^ Yarow, Jay. "BusinessWeek Sale Gives McGraw Hill $5.9 Million After Taxes". Business Insider. Retrieved 2019-12-04.
  18. ^ Klenert, Josh (April 26, 2010). "Bloomberg Businessweek Redesign". Society of Publication Designers. Archived from the original on March 10, 2011. Retrieved April 13, 2011.
  19. ^ Bond, Shannon (December 10, 2014). "Bloomberg believes in Businessweek as a model". Financial Times. Retrieved October 13, 2017.
  20. ^ Clifford, Stephanie (November 18, 2009). "Deputy at Time Magazine to Be BusinessWeek Editor". The New York Times. p. B3. Retrieved July 22, 2011.
  21. ^ a b Alpert, Lukas I. (2016-11-17). "Bloomberg Changes Businessweek Leaders, Ends Political TV Program". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-12-04.
  22. ^ Tani, Maxwell (2018-01-04). "Bloomberg Businessweek hires a new editor". Business Insider. Insider, Inc. Retrieved 2019-01-10. Bloomberg Businessweek announced a new editor on Thursday, shuffling its editorial structure.
    According to three people at Bloomberg, Bloomberg Markets magazine editor Joel Weber will take over the company's flagship Businessweek magazine, succeeding current editor Megan Murphy.
  23. ^ Robertson, Jordan; Riley, Michael (4 October 2018). "China Used a Tiny Chip in a Hack That Infiltrated U.S. Companies". Bloomberg Businessweek. Retrieved 2019-05-30.
  24. ^ "彭博社曝光的"间谍芯片"，我在淘宝1块钱就能买一个". pingwest.com (in Chinese). Retrieved 2022-05-21.
  25. ^ "The Big Hack: Statements From Amazon, Apple, Supermicro, and the Chinese Government". Bloomberg News. 4 October 2018.
  26. ^ "Statement from DHS Press Secretary on Recent Media Reports of Potential Supply Chain Compromise". 6 October 2018.
  27. ^ "DHS and GCHQ join Amazon and Apple in denying Bloomberg chip hack story". ZDNet. Retrieved Oct 7, 2018.
  28. ^ Robertson, Jordan; Riley, Michael (2021-02-12). "The Long Hack: How China Exploited a U.S. Tech Supplier". Bloomberg.com. Archived from the original on July 21, 2023. Retrieved 2023-07-27.
  29. ^ Moss, Sebastian (February 12, 2021). "Years later, Bloomberg doubles down on disputed Supermicro supply chain hack story". Data Center Dynamics. Archived from the original on July 27, 2023. Retrieved July 27, 2023.
  30. ^ Robertson, Katie (2023-11-30). "Bloomberg Businessweek to Go Monthly". The New York Times. ISSN 0362-4331. Retrieved 2023-12-01.
  31. ^ "What is Bloomberg Businessweek issue frequency? | Bloomberg Help Center". Bloomberg News. 2024-03-24. Archived from the original on 2024-03-24. Retrieved 2024-03-24.
  32. ^ Bourton, Lucy (4 December 2018). "Laughing at the world of graphic design with Tracy Ma". It's Nice That.
  33. ^ "BusinessWeek Announces Repositioning in Global Markets". The McGraw-Hill Companies. Archived from the original on July 12, 2012. Retrieved November 24, 2010.
  34. ^ "Businessweek and Rodionov Publishing House to Launch Russian Edition of Businessweek in Fall 2005". Media onLine. March 1, 2005. Retrieved February 17, 2017.
  35. ^ "Arabic edition of BusinessWeek hits newstands". The Daily Star. Lebanon. Retrieved July 22, 2011.
  36. ^ "Business magazines look overseas for growth". BtoB Media Business. Archived from the original on July 26, 2011. Retrieved July 22, 2011.
  37. ^ "Report: China Magazine Industry Booming". Min Online. Archived from the original on October 11, 2013. Retrieved March 7, 2012.
  38. ^ Lu Chang (December 17, 2011). "Magazine industry soars". China Daily. Retrieved September 7, 2014.
  39. ^ "Bloomberg Businessweek+ on the App Store". App Store. Retrieved October 13, 2017.
  40. ^ "Bloomberg Businessweek Magazine Subscription". Businessweek Subscribe. Retrieved October 13, 2017.
  41. ^ "Bloomberg Businesweek Underwhelms With iPad App (Demo)". TechCrunch. 11 April 2011. Retrieved April 11, 2011.
  42. ^ "Bloomberg Businessweek to launch first iPhone app". New Media Age. Retrieved March 7, 2012.
  43. ^ Moses, Lucia (December 5, 2011). "Hot List: Magazines See what magazine brands are taking chances and embracing change". Adweek. Retrieved May 22, 2015.
  44. ^ Pompeo, Joe (May 4, 2012). "At the often stodgy National Magazine Awards, best disruptor of decorum goes to a 'lucky' guy from Dallas". Capital New York. Archived from the original on December 28, 2014. Retrieved May 22, 2015.
  45. ^ Dumenco, Simon (October 15, 2012). "Ad Age's Magazine A-List: Josh Tyrangiel Is Editor of the Year". Ad Age. Retrieved May 22, 2015.
  46. ^ "Best in Business contest results, 2014 contest year". Society of American Business Editors and Writers. Archived from the original on May 21, 2015. Retrieved May 22, 2015.
  47. ^ "Bloomberg Businessweek Award-Winning Work". Online Journalism Awards. Retrieved 2024-07-25.
  48. ^ Ford, Paul. "What Is Code? If You Don't Know, You Need to Read This". Bloomberg.com. Retrieved 2024-07-25.
  49. ^ "Bloomberg Businessweek - Company Profile and News". Bloomberg.com. Retrieved 2024-07-25.

Further reading

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