The 80-year old American magazine BusinessWeek is getting a new owner with global financial news and data provider Bloomberg, majority owned by New York city mayor Michael Bloomberg, agreeing to buy the publication, the two parties expect to complete the deal by the end of this year.

Founded in 1929, the magazine has 155 editorial employees at its New York headquarters, 19 correspondents in the US, and 12 international correspondents, according to its website. The publication also has presence in India. Currently owned by the publishing giant McGraw-Hill Companies, BusinessWeek has over 4.7 million readers spread across 140 countries.