The Business Week magazine launched in September 1929, just weeks before the catastrophic stock market crash that would define the Great Depression. This timing was not merely a coincidence of publishing schedules but a defining moment that set the tone for the publication's entire existence. The magazine emerged from the chaos of the early 1920s boom, positioning itself as a vital resource for business managers navigating an increasingly complex economic landscape. Its early sections covered marketing, labor, finance, and management, but it distinguished itself by including a Washington Outlook section. This feature made the publication one of the first to directly address national political issues that impacted the business world, bridging the gap between corporate boardrooms and government policy long before such integration was standard practice. The magazine was originally named The Business Week, a title that would be shortened to Business Week in 1934, marking the beginning of a long evolution that would see it survive economic depressions, technological shifts, and ownership changes.
The Golden Age of Advertising
By 1975, Business Week had achieved a dominance in the advertising market that no other magazine in the United States could match, carrying more advertising pages annually than any competitor. This success was driven by a strategic shift in the 1970s when the magazine moved beyond its original focus on business managers to include consumers outside the business world. The expansion of its readership to over six million in the late 1980s under editor-in-chief Stephen B. Shepard demonstrated the power of this new approach. Shepard, who served from 1984 until 2005, was a pivotal figure who transformed the magazine into a cultural touchstone before leaving to become the founding dean of the CUNY Graduate School of Journalism. His tenure saw the magazine publish its first annual rankings of United States business school MBA programs in 1988, a move that would eventually expand to include undergraduate business programs in 2006. The magazine's influence was such that it became a primary source of information for executives and investors, shaping public perception of corporate America during a period of rapid globalization and deregulation.The Price of Survival
In the late 2000s, the magazine faced a financial crisis that threatened its very existence, with circulation falling to 936,000 and advertising revenues dropping by one-third by the start of 2009. The situation was so dire that McGraw-Hill, the magazine's owner, hired Evercore Partners to conduct a sale, with reports suggesting the magazine might change hands for a nominal price of $1 to an investor willing to assume its liabilities. In late 2009, Bloomberg L.P. purchased the magazine for a reported sum between $2 million and $5 million, plus the assumption of significant debt. The acquisition marked a turning point, as Bloomberg renamed the publication Bloomberg Businessweek and initiated a series of bold redesigns. The magazine lost $30 million per year by the time of the acquisition, a figure that had been halved from the $60 million loss reported in 2009. Despite these challenges, the magazine managed to survive and even thrive under new leadership, with creative directors like Richard Turley and Rob Vargas cultivating a bold, eclectic, and playful visual identity that set it apart from its competitors.The Hack That Wasn't
On the 4th of October 2018, Bloomberg Businessweek published an article titled The Big Hack, which claimed that China had infiltrated U.S. companies by placing a tiny chip on Supermicro server motherboards during manufacturing. The article, written by Jordan Robertson and Michael Riley, alleged that the chip allowed hackers to steal data from major corporations including Amazon and Apple. However, the claims were quickly debunked by Pingwest, a media company based in Beijing, which identified the chip as a balun and pointed out that its size made it impossible to store the commands required for an attack. By 2 p.m. on the day of publication, Apple, Amazon, and Supermicro had issued blanket denials, and the United States Department of Homeland Security stated it saw no reason to question those refutations. The National Security Agency, the Government Communications Headquarters, and the National Cyber Security Centre of the United Kingdom also denied the article's claims. Despite the widespread rejection of the story, Bloomberg published a follow-up article in 2021 that stood by its allegations, highlighting the tension between investigative journalism and the need for factual accuracy in the digital age.Global Reach and Digital Innovation
Bloomberg Businessweek expanded its international presence through a series of strategic partnerships and digital innovations that transformed it from a New York-centric publication into a global media entity. International editions were available on newsstands in Europe and Asia until 2005, when publication of regional editions was suspended to focus on customized online versions. The magazine launched a Russian edition in collaboration with Rodionov Publishing House and partnered with InfoPro Management to produce an Arabic version in 22 Arab countries. In 2011, Bloomberg Businessweek introduced a Polish-language edition called Bloomberg Businessweek Polska and relaunched a Chinese edition in November of the same year. The magazine also embraced digital technology by launching an iPad version in 2011, which was the first to use Apple's subscription billing service, allowing users to subscribe via an iTunes account. By the time of the launch, the iPad edition had over 100,000 subscribers, demonstrating the magazine's ability to adapt to new technologies and reach a global audience.The Editors Who Shaped the Narrative
The magazine's history is defined by the editors who led it through periods of transformation and crisis. Stephen B. Shepard, who served from 1984 to 2005, was instrumental in expanding the magazine's reach and influence, while Stephen J. Adler, who took over in 2005, faced the challenges of the financial crisis. Josh Tyrangiel, who replaced Adler, brought a fresh perspective to the magazine, having previously served as deputy managing editor of Time magazine. The magazine's editorial leadership has included notable figures such as Robert Kolker, an investigative journalist and author of Hidden Valley Road, and Brad Stone, who was appointed editor in January 2024. The magazine's editorial team has also included individuals like Carla Robbins, who served as a reporter and deputy editorial page editor of The New York Times from 2007 to 2012, and Judith H. Dobrzynski, a former senior editor. These editors have shaped the magazine's content and direction, ensuring its relevance in an ever-changing media landscape.The Business Week magazine launched in September 1929, just weeks before the catastrophic stock market crash that would define the Great Depression. This timing was not merely a coincidence of publishing schedules but a defining moment that set the tone for the publication's entire existence. The magazine emerged from the chaos of the early 1920s boom, positioning itself as a vital resource for business managers navigating an increasingly complex economic landscape. Its early sections covered marketing, labor, finance, and management, but it distinguished itself by including a Washington Outlook section. This feature made the publication one of the first to directly address national political issues that impacted the business world, bridging the gap between corporate boardrooms and government policy long before such integration was standard practice. The magazine was originally named The Business Week, a title that would be shortened to Business Week in 1934, marking the beginning of a long evolution that would see it survive economic depressions, technological shifts, and ownership changes.
The Golden Age of Advertising
By 1975, Business Week had achieved a dominance in the advertising market that no other magazine in the United States could match, carrying more advertising pages annually than any competitor. This success was driven by a strategic shift in the 1970s when the magazine moved beyond its original focus on business managers to include consumers outside the business world. The expansion of its readership to over six million in the late 1980s under editor-in-chief Stephen B. Shepard demonstrated the power of this new approach. Shepard, who served from 1984 until 2005, was a pivotal figure who transformed the magazine into a cultural touchstone before leaving to become the founding dean of the CUNY Graduate School of Journalism. His tenure saw the magazine publish its first annual rankings of United States business school MBA programs in 1988, a move that would eventually expand to include undergraduate business programs in 2006. The magazine's influence was such that it became a primary source of information for executives and investors, shaping public perception of corporate America during a period of rapid globalization and deregulation.
The Price of Survival
In the late 2000s, the magazine faced a financial crisis that threatened its very existence, with circulation falling to 936,000 and advertising revenues dropping by one-third by the start of 2009. The situation was so dire that McGraw-Hill, the magazine's owner, hired Evercore Partners to conduct a sale, with reports suggesting the magazine might change hands for a nominal price of $1 to an investor willing to assume its liabilities. In late 2009, Bloomberg L.P. purchased the magazine for a reported sum between $2 million and $5 million, plus the assumption of significant debt. The acquisition marked a turning point, as Bloomberg renamed the publication Bloomberg Businessweek and initiated a series of bold redesigns. The magazine lost $30 million per year by the time of the acquisition, a figure that had been halved from the $60 million loss reported in 2009. Despite these challenges, the magazine managed to survive and even thrive under new leadership, with creative directors like Richard Turley and Rob Vargas cultivating a bold, eclectic, and playful visual identity that set it apart from its competitors.
The Hack That Wasn't
On the 4th of October 2018, Bloomberg Businessweek published an article titled The Big Hack, which claimed that China had infiltrated U.S. companies by placing a tiny chip on Supermicro server motherboards during manufacturing. The article, written by Jordan Robertson and Michael Riley, alleged that the chip allowed hackers to steal data from major corporations including Amazon and Apple. However, the claims were quickly debunked by Pingwest, a media company based in Beijing, which identified the chip as a balun and pointed out that its size made it impossible to store the commands required for an attack. By 2 p.m. on the day of publication, Apple, Amazon, and Supermicro had issued blanket denials, and the United States Department of Homeland Security stated it saw no reason to question those refutations. The National Security Agency, the Government Communications Headquarters, and the National Cyber Security Centre of the United Kingdom also denied the article's claims. Despite the widespread rejection of the story, Bloomberg published a follow-up article in 2021 that stood by its allegations, highlighting the tension between investigative journalism and the need for factual accuracy in the digital age.
Global Reach and Digital Innovation
Bloomberg Businessweek expanded its international presence through a series of strategic partnerships and digital innovations that transformed it from a New York-centric publication into a global media entity. International editions were available on newsstands in Europe and Asia until 2005, when publication of regional editions was suspended to focus on customized online versions. The magazine launched a Russian edition in collaboration with Rodionov Publishing House and partnered with InfoPro Management to produce an Arabic version in 22 Arab countries. In 2011, Bloomberg Businessweek introduced a Polish-language edition called Bloomberg Businessweek Polska and relaunched a Chinese edition in November of the same year. The magazine also embraced digital technology by launching an iPad version in 2011, which was the first to use Apple's subscription billing service, allowing users to subscribe via an iTunes account. By the time of the launch, the iPad edition had over 100,000 subscribers, demonstrating the magazine's ability to adapt to new technologies and reach a global audience.
The Editors Who Shaped the Narrative
The magazine's history is defined by the editors who led it through periods of transformation and crisis. Stephen B. Shepard, who served from 1984 to 2005, was instrumental in expanding the magazine's reach and influence, while Stephen J. Adler, who took over in 2005, faced the challenges of the financial crisis. Josh Tyrangiel, who replaced Adler, brought a fresh perspective to the magazine, having previously served as deputy managing editor of Time magazine. The magazine's editorial leadership has included notable figures such as Robert Kolker, an investigative journalist and author of Hidden Valley Road, and Brad Stone, who was appointed editor in January 2024. The magazine's editorial team has also included individuals like Carla Robbins, who served as a reporter and deputy editorial page editor of The New York Times from 2007 to 2012, and Judith H. Dobrzynski, a former senior editor. These editors have shaped the magazine's content and direction, ensuring its relevance in an ever-changing media landscape.