Bloomberg now officially owns Business Week

After 80 years of ownership of the business magazine, McGraw-Hill Cos has officially sold Business Week to Bloomberg, and the acquisition completed today.

The purchase price wasn’t disclosed, but people familiar with the deal say Bloomberg agreed to pay nearly $5 million in cash and take responsibility for more than $10 million in liabilities, including severance for BusinessWeek staffers who might lose their jobs.

“Bloomberg’s universe of market makers and BusinessWeek’s readership of business decision makers create a powerful audience and a unique value proposition for advertisers,” said Daniel L. Doctoroff, president of Bloomberg.

“We didn’t buy this to gut it,” Daniel Doctoroff, president of Bloomberg L.P., said in a separate interview. “We bought it to build it.”

Doctoroff also said it’s likely the magazine will be renamed “Bloomberg BusinessWeek.”