Bascobert to Drive Financial Growth, Increase Market Presence, and Build Global Audience

NEW YORK, Dec. 7 /PRNewswire/ -- Bloomberg L.P. today announced that Paul Bascobert has been named president of Bloomberg BusinessWeek, effective January 4, 2010. In this capacity, he will be responsible for the strategy, revenue, and operations of Bloomberg BusinessWeek and for driving financial and circulation growth. He will report to Daniel L. Doctoroff, president of Bloomberg L.P.

Bloomberg acquired BusinessWeek from The McGraw-Hill Companies, Inc. December 1. Bascobert succeeds Keith Fox, who, as previously announced, will remain a McGraw-Hill employee.

Bascobert, 45, will join Bloomberg BusinessWeek from Dow Jones & Company, a division of News Corporation, where he serves as chief marketing officer for the Consumer Media Group. He is responsible for increasing circulation and creating new revenue opportunities for The Wall Street Journal, Barron's, WSJ.com, MarketWatch.com and Barrons.com. He is credited with helping the Journal become the newspaper with the most paid circulation in the U.S.

Bloomberg L.P. Chairman Peter T. Grauer said, "We are delighted that Paul is joining Bloomberg and look forward to his many contributions. Under his leadership, we expect the business to grow and know that our global customers will be better served through strong alignment between Bloomberg BusinessWeek and our television, online and mobile properties, and the BLOOMBERG PROFESSIONAL® service."

Doctoroff said, "As we look to grow Bloomberg BusinessWeek's market presence and its audience of business decision makers, Paul's leadership and experience will be invaluable. His circulation and operations expertise, coupled with his ability to create innovative new models and advertising opportunities, will guide the future of the brand."

Paul Bascobert said, "At a time when other media businesses are retrenching, Bloomberg is committed to leveraging its global news infrastructure to make Bloomberg BusinessWeek the most essential resource for business executives. I couldn't think of a better time to be joining the company."

Prior to his current role, Bascobert served as senior vice president, operations for the Dow Jones Consumer Media Group where he streamlined business practices for all operational aspects of the billion dollar consumer business. In this capacity he also oversaw IT, customer service, manufacturing, and distribution, as well as financial and operational accountability for 17 U.S. printing plants. Prior to joining Dow Jones in March 2006, Bascobert held leadership positions in operations, sales, and marketing for Exchange Solutions Inc., Braun Consulting and Vertex Partners. He began his career as a systems engineer at General Motors Corporation.

Bascobert holds a BS in Electrical Engineering from Kettering University and an MBA in Finance & Marketing from The Wharton School of the University of Pennsylvania.

"Within Dow Jones, Paul is known as a collaborative manager who has driven growth across multiple platforms and business units while controlling expenses," said Bloomberg BusinessWeek Chairman Norman Pearlstine. "His impressive accomplishments coupled with his vision make him Bloomberg BusinessWeek's ideal leader."

About Bloomberg BusinessWeek

Bloomberg BusinessWeek is a global source of essential business insight that inspires leaders to turn ideas into action. Through content, context and collaboration, Bloomberg BusinessWeek moderates global conversations and moves business professionals forward. Founded in 1929 Bloomberg BusinessWeek magazine is the market leader, with more than 4.7 million readers each week in 140 countries.

About Bloomberg

Bloomberg is the world's most trusted source of information for businesses and professionals. Bloomberg combines innovative technology with unmatched analytic, data, news, display and distribution capabilities, to deliver critical information via the BLOOMBERG PROFESSIONAL® service and multimedia platforms. Bloomberg's media services cover the world with more than 2,200 news and multimedia professionals at 146 bureaus in 72 countries. The BLOOMBERG TELEVISION®( )24-hour network reaches more than 200 million homes. BLOOMBERG RADIO® services broadcast via Sirius XM Radio and 1worldspace(TM) satellite radio globally and on WBBR 1130AM in New York. The award-winning monthly BLOOMBERG MARKETS®( )magazine, BUSINESSWEEK magazine and the BLOOMBERG.COM® financial news and information Web site provide news and insight to businesses and investors. For more information, please visit http://www.bloomberg.com.

The BLOOMBERG PROFESSIONAL service and data products are owned and distributed by Bloomberg Finance L.P. (BFLP) except that Bloomberg L.P. and its subsidiaries (BLP) distribute these products in Argentina, Bermuda, China, India, Japan and Korea. BLOOMBERG and BLOOMBERG NEWS are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. All rights reserved.

SOURCE Bloomberg L.P.

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