UPDATE 1-Bloomberg hires Time editor for BusinessWeek

* Tyrangiel to join BusinessWeek after sale to Bloomberg

* Tyrangiel to bring wider array of readers, magazine says

By Robert MacMillan

NEW YORK, Nov 17 (Reuters) - Bloomberg LP said on Tuesday that Time magazine Deputy Managing Editor Josh Tyrangiel will edit BusinessWeek after it buys the weekly business magazine from McGraw-Hill Companies Inc (MHP.N: 行情).

Tyrangiel, 37, will report to Bloomberg's chief content officer Norm Pearlstine, who knew Tyrangiel from Time Warner Inc's (TWX.N: 行情) Time magazine, where he was editor-in-chief.

"Josh is recognized within Time Inc... as an 'editor's editor' and a natural leader," Pearlstine said in a statement. "His understanding of the ways in which print and online publications can work together will serve Bloomberg well as we expand our consumer media offerings."

Tyrangiel, who previously worked at Vibe and Rolling Stone magazines and Viacom Inc's (VIAb.N: 行情) MTV network, also manages Time magazine's website.

Part of his job will be to bring a wider array of readers to BusinessWeek's magazine and website, the magazine reported online on Tuesday. He raised the number of pageviews at Time.com to 1.8 billion in 2009 from 400 million in 2006, Bloomberg said in its statement.

Tyrangiel was not immediately available for comment.

He will replace Stephen Adler, who said he would resign shortly after Bloomberg agreed to buy BusinessWeek from McGraw-Hill for between $2 million and $5 million, and BusinessWeek's liabilities.

Tyrangiel will have a bigger responsibility than just running BusinessWeek magazine and its website. Bloomberg, which competes with Thomson Reuters Corp (TRI.TO: 行情) in providing news and financial data, is trying to expand its presence beyond its financial institution client base.

Its news operation has been hiring many laid-off journalists as well as reporters and editors from more mainstream publications, from The Wall Street Journal to The Philadelphia Inquirer, to broaden its scope and coverage.

Bloomberg wants BusinessWeek to play a key role in that expansion, particularly by getting more access to top business and U.S. government sources who know BusinessWeek, but are less familiar with Bloomberg's news because much of it is only available to the 300,000 subscribers to Bloomberg's terminals.

McGraw-Hill put the 80-year-old, money-losing BusinessWeek up for sale in July. Like other magazines, its advertising revenue has fallen as more people get news free online.

How many BusinessWeek employees will lose their jobs because of the buyout and falling revenue is unknown. The sale comes as Time Inc also is laying off hundreds of workers, as are other magazine publishers including Conde Nast. (Reporting by Robert MacMillan; Editing by Tim Dobbyn)