Bloomberg Businessweek Explained

Bloomberg Businessweek
Editor:Brad Stone
Editor Title:Editor
Frequency:monthly
Total Circulation:325,000[1]
Circulation Year:2018
Category:Business
Company:Bloomberg L.P.
Founded:, New York City
Firstdate:, New York City
Country:United States
Based:New 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)
Language:English
Issn:0007-7135

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 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

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., 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, Businessweeks 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

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 $2million to $5million 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 $5million, along with the assumption of debt.[16] [17]

2010−2018

In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.[18], the magazine was losing $30million per year, about half of the $60million 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; 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

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

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

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 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

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 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

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

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

See also

Further reading

Notes and References

  1. Web site: History & Facts . April 27, 2016 . Bloomberg L.P..
  2. Web site: Bloomberg Businessweek: Annual Subscription . Businessweek.com . https://archive.today/20200523094700/https://subscribe.businessweek.com/pubs/BW/BWK/BWK_50_for_70.jsp?cds_page_id=223855&cds_mag_code=BWK&id=1590227224717&lsid=31440447047014817&vid=1 . 23 May 2020 . dead . 14 October 2019 .
  3. News: McGraw-Hill trying to sell BusinessWeek . July 22, 2011 . Reuters . July 13, 2009 . July 3, 2013 . https://web.archive.org/web/20130703040335/http://www.reuters.com/article/2009/07/13/us-mcgrawhill-businessweek-idUSTRE56C1W020090713 . live .
  4. Web site: The 8 Best Business Magazines of 2020. Delbridge. Emily. November 21, 2019. The Balance Small Business. Dotdash. New York City. Best for Business News: Bloomberg Businessweek . 8 Feb 2020.
  5. Web site: A historical perspective of Businessweek, sold to Bloomberg . 13 October 2009 . August 14, 2010 . Talking Biz News.
  6. See decade histories at "Businessweek at 90: Covering Business Through the Decades".
  7. Book: The Encyclopedia of New York City . Yale University Press; New‑York Historical Society . 2010 . 957 . Kenneth T. . Jackson . Lisa . Keller . Nancy V. . Flood . New Haven . 2nd . 978-0-300-18257-6 . 2010-31294 . 842264684 . 25891135M.
  8. Compare the October 4, 1976 cover to the January 24, 1977 cover.
  9. Web site: BusinessWeek Business School Rankings. BusinessWeek. https://web.archive.org/web/20070603221452/http://www.businessweek.com/bschools/06/full_time.htm. June 3, 2007. dead. January 23, 2007.
  10. News: Controlling 'insider' information is impossible . July 22, 2011 . https://archive.today/20130730152834/http://pqasb.pqarchiver.com/thestar/access/474002621.html?FMT=ABS&FMTS=ABS:FT&type=current&date=Jul+31,+1988&author=Philip+Moeller+Special+to+The+Star&pub=Toronto+Star&desc=Controlling+'insider'+information+is+impossible&pqatl=google . dead . July 30, 2013 . Toronto Star . Philip . Moeller . July 31, 1988 .
  11. News: BusinessWeek Chooses Outsider as Editor in Chief . July 22, 2011 . . Jacques . Steinberg . December 7, 2004.
  12. Web site: Undergrad Rankings 2010. BusinessWeek. https://web.archive.org/web/20100504090914/http://bwnt.businessweek.com/bschools/undergraduate/10rankings/. May 4, 2010. dead. April 10, 2010.
  13. News: McGraw-Hill trying to sell BusinessWeek: source. 2009-07-13. Reuters. 2019-10-29. en.
  14. News: Business Week sale may fetch only $1 . Andrew . Edgecliffe-Johnson . July 13, 2009 . April 1, 2013 . Financial Times. subscription.
  15. Web site: Bloomberg to take over BusinessWeek . October 13, 2009 . July 22, 2011 . . MSNBC.
  16. News: Bloomberg Buys BusinessWeek From McGraw-Hill. Clifford. Stephanie. 2009-10-13. The New York Times. 2019-12-04. live. https://web.archive.org/web/20191204060152/https://www.nytimes.com/2009/10/14/business/media/14bizweek.html. 2019-12-04. Carr. David. en-US. 0362-4331. 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. Web site: BusinessWeek Sale Gives McGraw Hill $5.9 Million After Taxes. Yarow. Jay. Business Insider. 2019-12-04.
  18. Web site: Bloomberg Businessweek Redesign. Klenert. Josh. April 26, 2010. Society of Publication Designers. https://web.archive.org/web/20110310035607/http://www.spd.org/2010/04/bloomberg-businessweek-redesig.php. March 10, 2011. dead. April 13, 2011. mdy-all.
  19. Web site: Bloomberg believes in Businessweek as a model. Financial Times. October 13, 2017. Shannon . Bond. December 10, 2014. subscription.
  20. News: Stephanie . Clifford . Deputy at Time Magazine to Be BusinessWeek Editor . November 18, 2009 . July 22, 2011 . . B3.
  21. News: Bloomberg Changes Businessweek Leaders, Ends Political TV Program. Alpert. Lukas I.. 2016-11-17. Wall Street Journal. 0099-9660. 2016-12-04.
  22. Web site: Bloomberg Businessweek hires a new editor . Tani . Maxwell . 2018-01-04 . Business Insider . Insider, Inc . 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. News: 2019-05-30. China Used a Tiny Chip in a Hack That Infiltrated U.S. Companies. 4 October 2018. Bloomberg Businessweek. Jordan. Robertson. Michael. Riley.
  24. Web site: 彭博社曝光的"间谍芯片"，我在淘宝1块钱就能买一个 . 2022-05-21 . pingwest.com . zh.
  25. Web site: The Big Hack: Statements From Amazon, Apple, Supermicro, and the Chinese Government. 4 October 2018. Bloomberg News.
  26. Web site: Statement from DHS Press Secretary on Recent Media Reports of Potential Supply Chain Compromise. 6 October 2018.
  27. Web site: DHS and GCHQ join Amazon and Apple in denying Bloomberg chip hack story. ZDNet. Oct 7, 2018.
  28. News: Robertson . Jordan . Riley . Michael . 2021-02-12 . The Long Hack: How China Exploited a U.S. Tech Supplier . live . https://web.archive.org/web/20230721093448/https://www.bloomberg.com/features/2021-supermicro/ . July 21, 2023 . 2023-07-27 . Bloomberg.com . en.
  29. News: Moss . Sebastian . February 12, 2021 . Years later, Bloomberg doubles down on disputed Supermicro supply chain hack story . live . https://web.archive.org/web/20230727121852/https://www.datacenterdynamics.com/en/news/years-later-bloomberg-doubles-down-disputed-supermicro-supply-chain-hack-story/ . July 27, 2023 . July 27, 2023 . Data Center Dynamics.
  30. News: Robertson . Katie . 2023-11-30 . Bloomberg Businessweek to Go Monthly . en-US . The New York Times . 2023-12-01 . 0362-4331.
  31. Web site: 2024-03-24 . What is Bloomberg Businessweek issue frequency? Bloomberg Help Center . . 2024-03-24 . https://web.archive.org/web/20240324014441/https://www.bloomberg.com/help/question/what-is-bloomberg-businessweek-issue-frequency/ . 2024-03-24 .
  32. Web site: Bourton . Lucy . Laughing at the world of graphic design with Tracy Ma . It's Nice That . English . 4 December 2018.
  33. Web site: BusinessWeek Announces Repositioning in Global Markets. November 24, 2010. The McGraw-Hill Companies. dead. https://archive.today/20120712033344/http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=irol-newsArticle&ID=793664&highlight. July 12, 2012.
  34. News: Businessweek and Rodionov Publishing House to Launch Russian Edition of Businessweek in Fall 2005. February 17, 2017. Media onLine. March 1, 2005.
  35. Web site: Arabic edition of BusinessWeek hits newstands . July 22, 2011 . The Daily Star. Lebanon.
  36. Web site: Business magazines look overseas for growth . July 22, 2011 . BtoB Media Business . dead . https://web.archive.org/web/20110726001000/http://www.btobonline.com/article/20110711/MEDIABUSINESS/110719989/business-magazines-look-overseas-for-growth . July 26, 2011 .
  37. Web site: Report: China Magazine Industry Booming. March 7, 2012. Min Online. https://web.archive.org/web/20131011200808/http://www.minonline.com/news/19608.html. October 11, 2013. dead. mdy-all.
  38. News: Lu Chang. Magazine industry soars. September 7, 2014. China Daily. December 17, 2011.
  39. Web site: Bloomberg Businessweek+ on the App Store. App Store. October 13, 2017.
  40. Web site: Bloomberg Businessweek Magazine Subscription. Businessweek Subscribe. October 13, 2017.
  41. Web site: Bloomberg Businesweek Underwhelms With iPad App (Demo). April 11, 2011. TechCrunch. 11 April 2011 .
  42. Web site: Bloomberg Businessweek to launch first iPhone app. March 7, 2012. New Media Age.
  43. Web site: Lucia . Moses . Hot List: Magazines See what magazine brands are taking chances and embracing change . May 22, 2015 . . December 5, 2011.
  44. Web site: Joe . Pompeo . At the often stodgy National Magazine Awards, best disruptor of decorum goes to a 'lucky' guy from Dallas . May 22, 2015 . . May 4, 2012 . https://web.archive.org/web/20141228230907/http://www.capitalnewyork.com/article/media/2012/05/5834908/often-stodgy-national-magazine-awards-best-disruptor-decorum-goes-luck . December 28, 2014 . dead .
  45. Web site: Simon . Dumenco . Ad Age's Magazine A-List: Josh Tyrangiel Is Editor of the Year . May 22, 2015 . . October 15, 2012.
  46. Web site: Best in Business contest results, 2014 contest year . May 22, 2015 . . https://web.archive.org/web/20150521044905/http://sabew.org/best-in-business/past-best-in-business-contests/best-in-business-contest-results-2014-contest-year/ . May 21, 2015 . dead .
  47. Web site: Bloomberg Businessweek Award-Winning Work . 2024-07-25 . Online Journalism Awards . en-US.
  48. News: Ford . Paul . What Is Code? If You Don't Know, You Need to Read This . 2024-07-25 . Bloomberg.com . en.
  49. Web site: Bloomberg Businessweek - Company Profile and News . 2024-07-25 . Bloomberg.com . en.

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