Bloomberg Businessweek#"The Big Hack"

The Business Week was first published based in New York City in September 1929, weeks before the stock market crash of 1929.{{Cite web|url=https://www.thebalancesmb.com/best-business-magazines-4176680|title=The 8 Best Business Magazines of 2020|last=Delbridge|first=Emily|date=November 21, 2019|website=The Balance Small Business|publisher=Dotdash|location=New York City|at=Best for Business News: Bloomberg Businessweek |access-date=8 Feb 2020}} The magazine provided information and opinions on what was happening in the business world at the time. Early sections of the magazine included marketing, labor, finance, management and Washington Outlook, which made The Business Week one of the first publications to cover national political issues that directly impacted the business world.{{cite web |title=A historical perspective of Businessweek, sold to Bloomberg |date=13 October 2009 |access-date=August 14, 2010 |url=http://www.talkingbiznews.com/1/a-historical-perspective-of-businessweek-sold-to-bloomberg/ |publisher=Talking Biz News}} The name of the magazine was shortened to Business Week in 1934.[See decade histories at [https://www.bloomberg.com/news/features/2019-12-20/businessweek-at-90-covering-business-through-the-decades#xj4y7vzkg "Businessweek at 90: Covering Business Through the Decades"].

Originally published as a resource for business managers, in the 1970s, the magazine shifted its strategy and added consumers outside the business world. {{As of|1975}}, the magazine was carrying more advertising pages annually than any other magazine in the United States.{{cite book |title=The Encyclopedia of New York City |url=https://books.google.com/books?id=lI5ERUmHf3YC&pg=PT957 |publisher=Yale University Press; New‑York Historical Society |date=2010 |page=957 |editor1-first=Kenneth T. |editor1-last=Jackson |editor2-first=Lisa |editor2-last=Keller |editor3-first=Nancy V. |editor3-last=Flood |location=New Haven |edition=2nd |isbn=978-0-300-18257-6 |lccn=2010-31294 |oclc=842264684 |ol=25891135M}} In 1976 and 1977, the magazine's name's form was changed from Business Week to BusinessWeek.Compare the [https://www.ebay.com/itm/255961398608 October 4, 1976 cover] to the [https://www.wolfgangs.com/vintage-magazines/business-week/vintage-magazine/OMS797440.html January 24, 1977 cover].

Stephen B. Shepard served as editor-in-chief from 1984 until 2005 when he was chosen to be the founding dean of the CUNY Graduate School of Journalism. Under Shepard, Businessweek{{'}}s readership grew to more than six million in the late 1980s.{{cite news |title=Controlling 'insider' information is impossible |access-date=July 22, 2011 |url=https://pqasb.pqarchiver.com/thestar/access/474002621.html?FMT=ABS&FMTS=ABS:FT&type=current&date=Jul+31%2C+1988&author=Philip+Moeller+Special+to+The+Star&pub=Toronto+Star&desc=Controlling+%27insider%27+information+is+impossible&pqatl=google |archive-url=https://archive.today/20130730152834/http://pqasb.pqarchiver.com/thestar/access/474002621.html?FMT=ABS&FMTS=ABS:FT&type=current&date=Jul+31,+1988&author=Philip+Moeller+Special+to+The+Star&pub=Toronto+Star&desc=Controlling+'insider'+information+is+impossible&pqatl=google |url-status=dead |archive-date=July 30, 2013 |work=Toronto Star |first=Philip |last=Moeller |date=July 31, 1988 }} He was succeeded by Stephen J. Adler of The Wall Street Journal.{{cite news |title=BusinessWeek Chooses Outsider as Editor in Chief |access-date=July 22, 2011 |url=https://www.nytimes.com/2004/12/07/business/media/07mag.html |work=The New York Times |first=Jacques |last=Steinberg |date=December 7, 2004}}

Businessweek began publishing its annual rankings of United States business school MBA programs in 1988.{{cite web |title=BusinessWeek Business School Rankings |url=http://www.businessweek.com/bschools/06/full_time.htm |url-status=dead |archive-url=https://web.archive.org/web/20070603221452/http://www.businessweek.com/bschools/06/full_time.htm |archive-date=June 3, 2007 |access-date=January 23, 2007 |work=BusinessWeek}} In 2006, Businessweek started publishing annual rankings of undergraduate business programs in addition to its MBA program listing.{{cite web|url=http://bwnt.businessweek.com/bschools/undergraduate/10rankings/|title=Undergrad Rankings 2010|work=BusinessWeek|archive-url=https://web.archive.org/web/20100504090914/http://bwnt.businessweek.com/bschools/undergraduate/10rankings/|archive-date=May 4, 2010|url-status=dead|access-date=April 10, 2010}}

Businessweek suffered a decline in circulation during the late-2000s recession as advertising revenues fell one-third by the start of 2009 and the magazine's circulation fell to 936,000. In July 2009, it was reported that McGraw-Hill was trying to sell Businessweek and had hired Evercore Partners to conduct the sale. Because of the magazine's liabilities, it was suggested that it might change hands for the nominal price of $1 to an investor who was willing to incur losses turning the magazine around.{{cite news |title=Business Week sale may fetch only $1 |first=Andrew |last=Edgecliffe-Johnson |date=July 13, 2009 |access-date=April 1, 2013 |url=https://www.ft.com/content/bd68cdc6-6fdc-11de-b835-00144feabdc0 |work=Financial Times|url-access=subscription}}

In late 2009, Bloomberg L.P. bought the magazine—reportedly for between $2{{nbsp}}million to $5{{nbsp}}million plus assumption of liabilities—and renamed it Bloomberg BusinessWeek.{{cite web |title=Bloomberg to take over BusinessWeek |date=October 13, 2009 |access-date=July 22, 2011 |url=https://www.nbcnews.com/id/wbna33299108 |agency=Associated Press |publisher=MSNBC}}

News reports published in 2019 suggest McGraw-Hill received the high end of the speculated price, at $5{{nbsp}}million, along with the assumption of debt.{{Cite news|url=https://www.nytimes.com/2009/10/14/business/media/14bizweek.html|title=Bloomberg Buys BusinessWeek From McGraw-Hill|last1=Clifford|first1=Stephanie|date=2009-10-13|work=The New York Times|access-date=2019-12-04|url-status=live|archive-url=https://web.archive.org/web/20191204060152/https://www.nytimes.com/2009/10/14/business/media/14bizweek.html|archive-date=2019-12-04|last2=Carr|first2=David|language=en-US|issn=0362-4331|quote=Terms of the deal were not disclosed, but the price was said to be near $5 million, plus assumption of liabilities, which were $31.9 million as of April.}}{{Cite web|url=https://www.businessinsider.com/businessweek-sale-gives-mcgraw-hill-59-million-after-taxes-2009-10|title=BusinessWeek Sale Gives McGraw Hill $5.9 Million After Taxes|last=Yarow|first=Jay|website=Business Insider|access-date=2019-12-04}}

In early 2010, the magazine title was restyled Bloomberg Businessweek (with a lowercase "w") as part of a redesign.{{cite web|url=http://www.spd.org/2010/04/bloomberg-businessweek-redesig.php|title=Bloomberg Businessweek Redesign|last=Klenert|first=Josh|date=April 26, 2010|publisher=Society of Publication Designers|archive-url=https://web.archive.org/web/20110310035607/http://www.spd.org/2010/04/bloomberg-businessweek-redesig.php|archive-date=March 10, 2011|url-status=dead|access-date=April 13, 2011|df=mdy-all}} During the following years, the bold, eclectic, playful, and memetic face of Businessweek was cultivated largely by Businessweek{{'s}} Creative director, Richard Turley then Rob Vargas (from 2014), and Deputy Creative director Tracy Ma (from 2011 through 2016). During her time at Businessweek, Ma worked on over 200 issues.{{cite web |last1=Bourton |first1=Lucy |date=4 December 2018 |title=Laughing at the world of graphic design with Tracy Ma |url=https://www.itsnicethat.com/features/tracy-ma-graphic-design-printed-pages-aw18-041218 |website=It's Nice That |language=English}}

{{As of|2014}}, the magazine was losing $30{{nbsp}}million per year, about half of the $60{{nbsp}}million it was reported losing in 2009.{{cite web|url=https://www.ft.com/content/b7fe4a52-7ff1-11e4-adff-00144feabdc0|title=Bloomberg believes in Businessweek as a model|work=Financial Times|access-date=October 13, 2017|first=Shannon |last=Bond|date=December 10, 2014|url-access=subscription}} Adler resigned as editor-in-chief and was replaced by Josh Tyrangiel, who had been deputy managing editor of Time magazine.{{cite news |first=Stephanie |last=Clifford |title=Deputy at Time Magazine to Be BusinessWeek Editor |date=November 18, 2009 |access-date=July 22, 2011 |url=https://www.nytimes.com/2009/11/18/business/media/18mag.html |work=The New York Times |page=B3}} In 2016, Bloomberg announced changes to Businessweek, which was losing between $20 and $30 million. Nearly 30 Bloomberg News journalists were let go across the U.S., Europe and Asia and it was announced that a new version of Bloomberg Businessweek would launch the following year. In addition, editor in chief Ellen Pollock stepped down from her position and Washington Bureau Chief Megan Murphy was named as the next editor in chief.{{Cite news|url=https://www.wsj.com/articles/bloomberg-changes-businessweek-leaders-ends-political-tv-program-1479414097|title=Bloomberg Changes Businessweek Leaders, Ends Political TV Program|last=Alpert|first=Lukas I.|date=2016-11-17|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-12-04}} Megan Murphy served as editor from November 2016; until she stepped down from the role in January 2018 and Joel Weber was appointed by the editorial board in her place.{{cite web |url= https://www.businessinsider.com/bloomberg-businessweek-hires-a-new-editor-shakes-up-top-management-2018-1?international=true&r=US&IR=T |title= Bloomberg Businessweek hires a new editor |last= Tani |first= Maxwell |date= 2018-01-04 |website= Business Insider |publisher= Insider, Inc |access-date= 2019-01-10 |quote= Bloomberg Businessweek announced a new editor on Thursday, shuffling its editorial structure.
According to three people at Bloomberg, Bloomberg Markets magazine editor Joel Weber will take over the company's flagship Businessweek magazine, succeeding current editor Megan Murphy.}}

Brad Stone was appointed editor of the magazine in January 2024, when the magazine switched to publishing bi-weekly.{{Cite web |date=2024-03-24 |title=What is Bloomberg Businessweek issue frequency? {{!}} Bloomberg Help Center |url=https://www.bloomberg.com/help/question/what-is-bloomberg-businessweek-issue-frequency/ |archive-url=https://web.archive.org/web/20240324014441/https://www.bloomberg.com/help/question/what-is-bloomberg-businessweek-issue-frequency/ |archive-date=2024-03-24 |access-date=2024-03-24 |website=Bloomberg News}} In June of the same year, the magazine became a monthly.{{Cite web |title=Bloomberg Businessweek Relaunches with Debut Monthly Print Edition, Enhanced Digital Experience |url=https://www.bloombergmedia.com/press/bloomberg-businessweek-relaunches-with-debut-monthly-print-edition-enhanced-digital-experience/ |access-date=2025-01-18 |website=Bloomberg Media |language=en-US}}

On October 4, 2018, Bloomberg Businessweek published "The Big Hack: How China Used a Tiny Chip to Infiltrate U.S. Companies", an article by Jordan Robertson and Michael Riley which claimed that China had hacked dozens of technology corporations including Amazon and Apple by placing an extra integrated circuit on a Supermicro server motherboard during manufacturing.{{cite news|access-date=2019-05-30|title=China Used a Tiny Chip in a Hack That Infiltrated U.S. Companies|url=https://www.bloomberg.com/news/features/2018-10-04/the-big-hack-how-china-used-a-tiny-chip-to-infiltrate-america-s-top-companies|date=4 October 2018|website=Bloomberg Businessweek|first1=Jordan|last1=Robertson|first2=Michael|last2=Riley}}

Pingwest, a media company founded in Silicon Valley and based in Beijing, identified the chip mentioned in the article as a balun. Pingwest pointed out that its size made it impossible to implement any form of attack; it did not have the storage space required to store commands that would allow a hacker to infiltrate the hardware. They suggested that Businessweek had underestimated security standards employed by Amazon and Apple.{{Cite web |title=彭博社曝光的"间谍芯片"，我在淘宝1块钱就能买一个 |url=https://www.pingwest.com/a/178013 |access-date=2022-05-21 |work=pingwest.com |language=zh}}

The claims by Bloomberg have been heavily questioned. By 2 p.m. on the day of publication, Apple, Amazon, and Supermicro issued blanket denials, which Bloomberg reported.{{cite web|url=https://www.bloomberg.com/news/articles/2018-10-04/the-big-hack-amazon-apple-supermicro-and-beijing-respond|date=4 October 2018|title=The Big Hack: Statements From Amazon, Apple, Supermicro, and the Chinese Government|website=Bloomberg News}} Within the week, the United States Department of Homeland Security stated that it saw no reason to question those refutations.{{cite web|url=https://www.dhs.gov/news/2018/10/06/statement-dhs-press-secretary-recent-media-reports-potential-supply-chain-compromise|date=6 October 2018|title=Statement from DHS Press Secretary on Recent Media Reports of Potential Supply Chain Compromise}} The National Security Agency and Government Communications Headquarters and NCSC also denied the article's claims.{{cite web|url=https://www.zdnet.com/article/dhs-and-gchq-join-amazon-and-apple-in-denying-bloomberg-chip-hack-story/|title=DHS and GCHQ join Amazon and Apple in denying Bloomberg chip hack story|publisher=ZDNet|access-date=Oct 7, 2018}}

In 2021, Bloomberg published a follow-up article standing by its allegations.{{Cite news |last1=Robertson |first1=Jordan |last2=Riley |first2=Michael |date=2021-02-12 |title=The Long Hack: How China Exploited a U.S. Tech Supplier |url=https://www.bloomberg.com/features/2021-supermicro/ |url-status=live |archive-url=https://web.archive.org/web/20230721093448/https://www.bloomberg.com/features/2021-supermicro/ |archive-date=July 21, 2023 |access-date=2023-07-27 |work=Bloomberg.com |language=en}}{{Cite news |last=Moss |first=Sebastian |date=February 12, 2021 |title=Years later, Bloomberg doubles down on disputed Supermicro supply chain hack story |url=https://www.datacenterdynamics.com/en/news/years-later-bloomberg-doubles-down-disputed-supermicro-supply-chain-hack-story/ |url-status=live |archive-url=https://web.archive.org/web/20230727121852/https://www.datacenterdynamics.com/en/news/years-later-bloomberg-doubles-down-disputed-supermicro-supply-chain-hack-story/ |archive-date=July 27, 2023 |access-date=July 27, 2023 |work=Data Center Dynamics}}

International editions of Businessweek were available on newsstands in Europe and Asia until 2005 when publication of regional editions was suspended to help increase foreign readership of customized European and Asian versions of Businessweek{{'s}} website.{{cite web|title=BusinessWeek Announces Repositioning in Global Markets|access-date=November 24, 2010|url=http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=irol-newsArticle&ID=793664&highlight|publisher=The McGraw-Hill Companies|url-status=dead|archive-url=https://archive.today/20120712033344/http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=irol-newsArticle&ID=793664&highlight|archive-date=July 12, 2012}} However, the same year the Russian edition was launched in collaboration with Rodionov Publishing House.{{cite news|title=Businessweek and Rodionov Publishing House to Launch Russian Edition of Businessweek in Fall 2005|url=https://www.media-online.ru/eng/index.php3?id=23259&cm=1&cy=2015|access-date=February 17, 2017|publisher=Media onLine|date=March 1, 2005}}

At the same time, Businessweek partnered with InfoPro Management, a publishing and market research company based in Beirut, Lebanon, to produce the Arabic version of the magazine in 22 Arab countries.{{cite web |title=Arabic edition of BusinessWeek hits newstands |access-date=July 22, 2011 |url=http://www.dailystar.com.lb/Business/Middle-East/Oct/28/Arabic-edition-of-BusinessWeek-hits-newstands.ashx |work=The Daily Star|location=Lebanon}}

In 2011, Bloomberg Businessweek continued the magazine's international expansion and announced plans to introduce a Polish-language edition called Bloomberg Businessweek Polska, as well as a Chinese edition which was relaunched in November 2011.{{cite web|title=Business magazines look overseas for growth |access-date=July 22, 2011 |url=http://www.btobonline.com/article/20110711/MEDIABUSINESS/110719989/business-magazines-look-overseas-for-growth |publisher=BtoB Media Business |url-status=dead |archive-url=https://web.archive.org/web/20110726001000/http://www.btobonline.com/article/20110711/MEDIABUSINESS/110719989/business-magazines-look-overseas-for-growth |archive-date=July 26, 2011 }}{{cite web|title=Report: China Magazine Industry Booming|access-date=March 7, 2012|url=http://www.minonline.com/news/19608.html|publisher=Min Online|archive-url=https://web.archive.org/web/20131011200808/http://www.minonline.com/news/19608.html|archive-date=October 11, 2013|url-status=dead|df=mdy-all}}{{cite news|author=Lu Chang|title=Magazine industry soars|url=http://europe.chinadaily.com.cn/business/2011-12/17/content_14281433.htm|access-date=September 7, 2014|work=China Daily|date=December 17, 2011}}

Bloomberg Businessweek launched an iPad version of the magazine using Apple's subscription billing service in 2011.{{cite web|url=https://itunes.apple.com/us/app/bloomberg-businessweek+/id421216878?mt=8|archive-url=https://web.archive.org/web/20120210181214/http://itunes.apple.com/us/app/bloomberg-businessweek+/id421216878?mt=8|url-status=dead|archive-date=February 10, 2012|title=Bloomberg Businessweek+ on the App Store|website=App Store|access-date=October 13, 2017}}{{cite web|url=https://www.bloomberg.com/businessweek/subscribe/|title=Bloomberg Businessweek Magazine Subscription|website=Businessweek Subscribe|access-date=October 13, 2017}} The iPad edition was the first to use this subscription method, which allows one to subscribe via an iTunes account.{{cite web|title=Bloomberg Businesweek Underwhelms With iPad App (Demo)|access-date=April 11, 2011|url=https://techcrunch.com/2011/04/11/bloomberg-businesweek-underwhelms-with-ipad-app-demo/|work=TechCrunch|date=11 April 2011 }} There are over 100,000 subscribers to the iPad edition of Businessweek.{{cite web |title=Bloomberg Businessweek to launch first iPhone app|access-date=March 7, 2012|url=http://econsultancy.com/uk/nma-archive/61656-bloomberg-businessweek-to-launch-first-iphone-app |publisher=New Media Age}}

In the year 2011, Adweek named Bloomberg Businessweek as the top business magazine in the country.{{cite web |first=Lucia |last=Moses |title=Hot List: Magazines See what magazine brands are taking chances and embracing change |access-date=May 22, 2015 |url=http://www.adweek.com/news/press/hot-list-magazines-136863 |work=Adweek |date=December 5, 2011}} In 2012, Bloomberg Businessweek won the general excellence award for general-interest magazines at the National Magazine Awards.{{cite web |first=Joe |last=Pompeo |title=At the often stodgy National Magazine Awards, best disruptor of decorum goes to a 'lucky' guy from Dallas |access-date=May 22, 2015 |url=http://www.capitalnewyork.com/article/media/2012/05/5834908/often-stodgy-national-magazine-awards-best-disruptor-decorum-goes-luck |work=Capital New York |date=May 4, 2012 |archive-url=https://web.archive.org/web/20141228230907/http://www.capitalnewyork.com/article/media/2012/05/5834908/often-stodgy-national-magazine-awards-best-disruptor-decorum-goes-luck |archive-date=December 28, 2014 |url-status=dead }} Also in 2012, Bloomberg Businessweek editor Josh Tyrangiel was named magazine editor of the year by Ad Age.{{cite web |first=Simon |last=Dumenco |title=Ad Age's Magazine A-List: Josh Tyrangiel Is Editor of the Year |access-date=May 22, 2015 |url=http://adage.com/article/media/ad-age-s-magazine-a-list-josh-tyrangiel-editor-year/237735/ |work=Ad Age |date=October 15, 2012}} In 2014, Bloomberg Businessweek won a Society of American Business Editors and Writers Best in Business award for magazines, general excellence.{{cite web |title=Best in Business contest results, 2014 contest year |access-date=May 22, 2015 |url=http://sabew.org/best-in-business/past-best-in-business-contests/best-in-business-contest-results-2014-contest-year/ |publisher=Society of American Business Editors and Writers |archive-url=https://web.archive.org/web/20150521044905/http://sabew.org/best-in-business/past-best-in-business-contests/best-in-business-contest-results-2014-contest-year/ |archive-date=May 21, 2015 |url-status=dead }}

In 2016, the Online Journalism Awards highlighted Bloomberg Businessweek's explanatory reporting work on “What Is Code?”{{Cite web |title=Bloomberg Businessweek Award-Winning Work |url=https://awards.journalists.org/organizations/bloomberg-businessweek/ |access-date=2024-07-25 |website=Online Journalism Awards |language=en-US}}{{Cite news |last=Ford |first=Paul |title=What Is Code? If You Don't Know, You Need to Read This |url=http://www.bloomberg.com/graphics/2015-paul-ford-what-is-code/ |access-date=2024-07-25 |work=Bloomberg.com |language=en}}

Notable present and former employees of the magazine include:{{Cite web |title=Bloomberg Businessweek - Company Profile and News |url=https://www.bloomberg.com/profile/company/0835639D:US |access-date=2024-07-25 |website=Bloomberg.com |language=en}}

• Stephen B. Shepard, former editor-in-chief of BusinessWeek (1984–2005) and founding dean of the CUNY Graduate School of Journalism
• Elliott V. Bell, former publisher and editor-in-chief of BusinessWeek and Superintendent of Banks for the State of New York, advisor to Thomas E. Dewey
• Robert Kolker, former investigative journalist and author of Hidden Valley Road
• Brad Stone, former investigative journalist and author of books on tech companies
• Josh Tyrangiel, former editor and deputy managing editor of Time magazine
• Malcolm Muir, founder of the magazine, president of McGraw-Hill Publishing (1928–1937)
• Virgil Jordan, former editor and past president of The Conference Board
• Judith H. Dobrzynski, former senior editor
• Stephen J. Adler, former editor-in-chief of BusinessWeek (2005–2009), editor-in-chief of Reuters (2011–2021)
• Carla Robbins, former reporter and deputy editorial page editor of The New York Times (2007–2012)

• Bloomberg Markets
• Bloomberg News

{{Reflist|30em}}

• {{cite magazine |first1=Peter |last1= Coy| first2=James |last2=Ellis |first3=Paula |last3=Dwyer |first4=Joel |last4=Weber |title=Businessweek at 90: Covering Business Through the Decades |url=https://www.bloomberg.com/news/features/2019-12-20/businessweek-at-90-covering-business-through-the-decades |magazine=Bloomberg Businessweek|date=December 20, 2019 |access-date=14 June 2020 }}
• {{cite web |last1=Whittick |first1=Olivia |title=Graphic Times WIth New York Times Designer Tracy Ma: On Garbage Design, Font Punchlines, and Fruitful Tension |url=https://www.ssense.com/en-us/editorial/design/graphic-times-with-new-york-times-designer-tracy-ma |website=Ssense |date=28 June 2018 |language=English}}

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