Bloomberg LP will buy BusinessWeek magazine from McGraw-Hill Companies as the news and data provider seeks to reach a wider audience than its traditional clients in financial services.

The announcement on Tuesday comes after several rounds of bids by various private equity firms and publishers. Bloomberg was long seen as the most likely winner of the auction.

The company, controlled by New York City Mayor Michael Bloomberg, provided few details on how much it will pay and how many BusinessWeek staff might lose their jobs.

Bloomberg offered $2 million to $5 million, and agreed to assume BusinessWeek's liabilities, including potential severance payments, according to the magazine's website.

"The fact is, it has been losing a meaningful amount of money and that is reflected in the purchase price," Bloomberg President Daniel Doctoroff said in an interview, declining to confirm or deny the price.

Bloomberg Chief Content Officer Norman Pearlstine, who will become BusinessWeek's chairman, added, "We're also looking at it as something we're going to be investing in going forward as we build the magazine and get it where it ought to be."

Bloomberg's primary audience is the 300,000 subscribers to its Bloomberg computer terminals. But it also owns a cable television network that competes with CNBC, a New York radio station and the Bloomberg Markets magazine.

"BusinessWeek helps better serve our customers by reaching into the corporate suite and corridors of power in government, where news that affects markets and business is made by CEOs, CFOs, deal lawyers, bankers and government officials who typically are not terminal customers," Doctoroff said.

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