Bloomberg LP has won the acquisition bid for BusinessWeek. Bloomberg is the the financial company built by current New York Mayor Michael R. Bloomberg. The terms of the deal are not known, but it is rumored to be worth about $2-$5 million in cash and Bloomberg will be responsible for the liabilities of the news print company. These liabilities may include severance payments.

BusinessWeek employs about 400 people and several of these jobs will be cut. The parent company of BusinessWeek is McGraw-Hill. The news print business as a whole has been suffering as many readers have been turning to the Internet for real-time news. As part of the deal BusinessWeek editor-in-chief Steve Adler announced that benefits will be given to employees for about one year after the deal closes.

“The reporting and analytical resources of Bloomberg and BusinessWeek are unparalleled in their ability to deliver timely, distinctive and credible content to an influential and highly sought-after audience,” stated Bloomberg LP Chairman Peter Grauer. BusinessWeek is Bloomberg’s first major acquisition ever.

Amy Trachtman heard a jet plane fly very close to her apartment this morning.  As soon as she heard it she tweeted that she “just had a mile heart attack from a jet plane grazing the apartment…”  According to NiemanLab.org, she was most likely the first person to report the planes publicly.  The planes caused a stir around New York City as many buildings were evacuated.

“I happened to just be sitting in my apartment on the computer, checking emails and whatnot and trying to read Twitter updates,” stated Trachtman in an interview. “I guess that’s why I was so fast.”

Trachtman noticed the evacuations taking place and asked her friend in Manhattan to tune in to the radios, news on TV, and check the Internet to see if anything was happening.  At 10:06AM, there was a thread started on JC List, a website forum comprised of Jersey City residents.  By 10:12AM, the JC List reported that the plane was involved a running test by the military.

“We’re hearing reports of low-flying planes over lower Hudson, visible from Staten Island, Hoboken. See anything?” wrote Patrick LaForge, a well known Twitter user.  The DJIA took a little bit of a dip as a result of the news.  The Wall Street Journal wrote a blog post regarding the incidence before the New York Times.

Mayor Bloomberg said he was not happy by the fact that he was not notified about the low-flying jet being authorized from The White House.

“Last week, I approved a mission over New York. I take responsibility for that decision,” stated White House Military Office director Louis Caldera. “While federal authorities took the proper steps to notify state and local authorities in New York and New Jersey, its clear that the mission created confusion and disruption. I apologize and take responsibility for any distress that flight caused.”

New York City Mayor Michael Bloomberg made an announcement that he is in talks with Facebook about opening an office in the Big Apple. Facebook already has a secret office on 5th Avenue at 45th Street, but they plan to expand further. Facebook is basically interested in advertising and sales opportunities in New York.

“This is the business capital of the world and Facebook is one of those advertiser-supported services,” stated the Mayor. “The last time I checked they had over two hundred million users. It’s a phenomenally successful service and I’m just thrilled that they want to have a New York office.”

[via Observer]

Mayor Michael R. Bloomberg announced on Tuesday that the city of New York will be installing automated water meter systems.  This is because the city failed to gather tens of millions of dollars in overdue water bills because of an inefficient record-keeping system.  Sometimes the meters that were installed are never read.

The whole water system will be powered by wireless technology.  The water meters will send data wirelessly on a monthly basis.  Through this new technology, the city of New York will be able to get rid of a contract that costs about $3.6 million per year.

Residents could save a lot of money because the water system will be able to report if there are leaks that need repair.  Individuals and businesses will be able to save $90 million annually.  The whole system will cost about $250 million altogether.  The new water system has started being built Brooklyn, Manhattan, and Queens.

[via NYT]