Bloomberg Poaches News Corp. Exec to Become President of BusinessWeek

Dow Jones CMO Paul Bascobert replaces Steve Fox; new regime nearly complete

Last week, BusinessWeek published its first issue under the Bloomberg regime. On Monday, Bloomberg named Paul Bascobert – a Dow Jones executive credited with driving paid circulation growth at the Wall Street Journal – as president of Bloomberg BusinessWeek.

Bascobert replaces Keith Fox, who elected to stay at McGraw-Hill after Bloomberg bought the magazine.

Bascobert, 45, will report to Bloomberg LP president Dan Doctoroff.

In October, the Journal eclipsed the USA Today as the largest paid circulation newspaper in the U.S. with an average of 2,024,269 daily copies. It was the only American newspaper in the top 25 to report a circulation increase between April and September. (The New York Times circulation fell below 1 million copies for the first time in more than two decades.)

Last month, in another high-profile poaching, Bloomberg made a surprise choice for editor-in-chief of its newly-acquired magazine: Josh Tyrangiel, who had been the deputy managing editor of Time magazine and head of its website.

Here are a couple of additional statements from the release.

Bascobert: "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."

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

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