Perhaps it will now be called BloombergWeek.

Bloomberg LP, the media and information giant owned by Mayor Mike Bloomberg, yesterday emerged the winner of an auction to buy struggling business magazine BusinessWeek from owner McGraw-Hill Cos., which had put the 83-year-old title on the block in July.

Terms of the deal were not disclosed, but some estimates pegged the value at the equivalent of as much as $60 million, based on Bloomberg LP assuming the magazine’s liabilities and any severance generated by job cuts.

“My guess is that the negotiations were all about liabilities that [Bloomberg LP] would assume and the severance and how much of the [BusinessWeek] staff they will take with them,” said Reed Phillips, co-founder of media investment banking firm DeSilva + Phillips.

“The price could easily be $1, but the liabilities and severance could add $50 [million] to $60 million. That’s more important from the seller’s point of view than getting $5 million or $10 million in cash,” he said.

While a number of suitors sniffed around the magazine, in the end Bloomberg LP found itself competing with Strauss Zelnick’s firm Zelnick Media, which had some non-cash backing from Thomson Reuters, a rival in the financial news space.

Norman Pearlstine, the chief content officer of Bloomberg LP, and a former editor-in-chief of Time Inc., was named chairman of Busi- nessWeek. The deal is expected to be finalized by year end.

Pearlstine told the Bloomberg staff about the acquisition yesterday, declaring that there would be no mass layoffs as a result of the acquisition. He also added the weekly’s publication format is the “right frequency,” according to a source.

He added that the BusinessWeek staff is expected to move into Bloomberg LP’s offices by May 1.

Pearlstine, Bloomberg President Dan Doctoroff and McGraw-Hill Chairman and CEO Terry McGraw are scheduled to address the staff this morning.

While the new owners hinted there would be no major job cuts as part of the acquisition, it’s widely expected that current BusinessWeek President Keith Fox would likely leave the magazine, while Editor Steve Adler, who worked with Pearlstine at The Wall Street Journal, could be spared.

Neither Fox nor Adler would comment last night on their futures.

The 930,000-circulation magazine lost $43 million last year and is on target to lose between $60 million and $80 million this year, according to sources familiar with the title’s financials.

It’s a far cry from a decade ago, when the magazine was making $100 million in profit before the Web bubble burst.

Although the mayor was not mentioned in the announcement of the deal and he has an arms-length agreement that gives others day-to-day control of the company that he owns, the deal could not have been done unless the Mayor personally signed off on it, sources said.