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.

Italian regulators began an investigation into Google News after Italian newspaper publishers made a claim that their content was unfairly used to generate profit for the search giant. One argument the publishers claim is that having their content circulated within Google News is a forced contribution. The newspaper say that inclusion in Google’s news service hurts readership and the ability to generate revenue.

This investigation has now expanded into Google’s primary search business.

The Italian newspaper publishers have also expressed anger over their rankings in Google’s traditional search results. Italian Federation of Newspaper Editors alleged that any organization that refused to have content displayed in Google News Italy was immediately excluded from Google’s main search.

Time Inc. announced that it will close Southern Accents magazine. South Accents is a lifestyle periodical that Time Inc. has published bi-monthly since 1985. The magazine’s online component will continue to operate.

Southern Living, Southern Accents had a circulation of 400,000, however in the past few months its advertising revenue had dropped 37 percent.