Report: BusinessWeek put up for sale by McGraw-Hill
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McGraw-Hill Cos. wants to dump BusinessWeek magazine amid the deep slump in advertising, Bloomberg News reports:
McGraw-Hill hired Evercore Partners Inc., the boutique investment bank founded by Roger Altman, to sell the magazine, according to a person close to the situation, who declined to be identified because the information isn’t public. Spokesmen for McGraw-Hill and Evercore, which are both based in New York, declined to comment. BusinessWeek was founded in 1929 and has almost 190 editorial staff, according to its website. It has about 4.8 million readers weekly in 140 countries. The weekly magazine’s 30% decline in second-quarter ad sales, to $43.9 million, compared with a 22% drop industrywide, according to Publishers Information Bureau data. BusinessWeek’s ad pages declined 34% in the three months through June, while competitor Fortune posted a 45% drop. Forbes had a 40% decline, PIB data show.
McGraw-Hill’s move follows Conde Nast‘s decision in April to fold its Portfolio business magazine after just two years in the marketplace.
Besides BusinessWeek, McGraw-Hill owns an educational publishing business, the bond rating and financial services information firm Standard & Poor’s, other magazines including Aviation Week, and the consumer-products and business ratings service J.D. Power & Associates.
-- Tom Petruno