Bloomberg took another step Thursday toward expanding its media empire, announcing plans to buy an Arlington County publisher of legal, tax, business and government news services for $990 million.
The deal for the Bureau of National Affairs is the largest in Bloomberg’s 30-year history and comes as the New York-based financial news and data juggernaut seeks to build franchises focused on the legal and government markets.
With more than 600 reporters, lawyers and editors on staff, BNA, founded in 1929, offers a wealth of legal, legislative and regulatory news and commentary through about 300 online and print outlets. The company, which reported 2010 revenue of $331 million, is known for such publications as U.S. Law Week and Daily Labor Report.
BNA will operate as a stand-alone subsidiary, although it will work in tandem with Bloomberg’s current offerings to “deliver more premium content,” Bloomberg chief executive Dan Doctoroff said in a statement announcing the deal.