It’s not the newspaper bailout old media has been hoping for, but a reminder that politics, media, and business are never far apart. Bloomberg LP, founded by New York Mayor Michael Bloomberg, is buying the 80-year-old weekly newsmagazine BusinessWeek from McGraw-Hill. Bloomberg is reportedly paying as much as $5 million for the weekly, which McGraw-Hill put up for sale when advertising fell precipitously. The magazine industry has lost more than 20 percent of ad revenue in the first nine months of the year, but financial magazines fared far worse, with a 40 percent drop. Bloomberg, which offers financial information through hundreds of thousands of proprietary terminals in investment banks and financial firms, said the magazine would help the company better serve customers by reaching top decision-making business and government leaders who are not typically terminal customers. What Bloomberg will do with BusinessWeek remains unclear.