The following is a joint announcement issued by Bloomberg Media about the acquisition of CityLab from The Atlantic:
New York, December 10, 2019 – Bloomberg Media today announced that it has reached an agreement to acquire CityLab, The Atlantic’s award-winning news site for solutions-based journalism on urban innovation and the future of cities. The transaction is expected to close by the end of the year.
“We see tremendous value in investing in premium, targeted content to build deeper connections with our business audience,” said Justin B. Smith, Chief Executive Officer of Bloomberg Media. “CityLab is a leading destination for smart reads on urban solutions, a critical topic of the new economy. We believe this acquisition will strengthen our portfolio of content verticals across our platforms, while providing more opportunities for advertisers to connect to our readers.”
“We are thrilled to bring CityLab’s expert journalism to Bloomberg’s global audience,” said Bloomberg Editor in Chief John Micklethwait. “With journalists in more than 120 countries, we think we can also add some insight into how cities around the world are both succeeding and facing challenges.”
Bloomberg will also acquire the CityLab event series, the preeminent global summit that gathers mayors and urban leaders to discuss and share creative, scalable solutions to the major challenges faced by cities around the world. For the past seven years the event has been co-hosted by Bloomberg Philanthropies and will continue on as part of the deal.