Bloomberg LP has confirmed it’s acquisition of Businessweek. Bloomberg will be paying $2 million to $5 million in cash.

“We are not buying BusinessWeek to gut it. We are buying it to build it” Bloomberg stated.

Businessweek.com has 20 million unique users and 100 million pageviews. It generates $60 million in revenue. It has not been decided what Bloomberg will do with the web operations.