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Bloomberg Media to buy news site CityLab

Bloomberg Media agreed to acquire news website CityLab from The Atlantic for an undisclosed sum.

Bloomberg will also buy the CityLab event series, which has been co-hosted by Bloomberg Philanthropies in the past seven years, according to a Dec. 10 news release.

The Bloomberg LP unit will disclose details on the integration in early 2020. Prior to any developments, CityLab will retain its branding and remain as a stand-alone site under Bloomberg.

The transaction is expected to close by the end of 2019.