Oct. 14, 2009 (United Press International) -- New York financial information firm Bloomberg said it had agreed to purchase struggling BusinessWeek magazine from McGraw Hill Cos. (NYSE:MHP)

Bloomberg will buy the 80-year-old magazine with its 1 million readers for $5 million plus the assumption of liabilities, The Chicago Tribune reported Wednesday.

Bloomberg's chief content officer Norman Pearlstine said the acquisition, "makes our content more valuable for terminal subscribers, and on the other hand it enables us to leverage our assets with consumers."

Bloomberg's primary source of revenue is 300,000 subscribers to its computer terminals, the Tribune said.

Bloomberg did not say how many jobs would be lost from redundancies.

"BusinessWeek has got a very talented staff but has been resource-constrained over the last few years because it's a magazine in a very tough market," Pearlstine said.

"We can marry that asset to the 2,200 journalists of Bloomberg News in 145 offices in 72 countries, and that's going to enable us to create a weekly that we're going to invest in and make a great magazine reflecting the strength of the entire staff of Bloomberg," he said.

Pearlstine said the magazine, which is on track to lose $40 million this year, would likely be renamed Bloomberg's BusinessWeek.