Former BusinessWeek reporter Gary Weiss comments Thursday on the financial data of the weekly business magazine disclosed in an item written by the publication’s own Jon Fine.
“Print-ad revenue exceeded $109 million in 2006 but is projected to fall to $59.7 million in 2009, which represents a decline of more than 45% for BusinessWeek’s largest revenue stream. Total revenues, including those from BusinessWeek’s Web site and offshoot products such as its six-times-a-year magazine SmallBiz, will decline from $181.5 million in 2006 to a projected $135.6 million in 2009, according to the data.”
Weiss commented: “Aw, man. That, if you’ll pardon the expression, really blows. I wonder if maybe McGraw-Hill somehow accidentally switched its financials with those of the most recent repository for my scribblings, Portfolio. May it rest in peace.
“I don’t know what I would do if I were Terry McGraw. Guess I’d hold my nose and sell BW to a private equity house, 80 year history be damned. I wouldn’t be able to sleep at night, but at least I could hum something like ‘protecting shareholder value’ as I wept bitter tears and, maybe, deep down, expressed regret that I hadn’t hired different people to run the magazine during the last four years. Might not have worked, but I guess we’ll never know.”
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Gary Weiss is just so pitiful. All he does is go after Overstock.com and BusinessWeek.
Get over the sour grapes, Gary. You haven't worked here in years. No one remembers who you are
Speaking of Overstock, do you remember Tim Mullaney? He was working on a story on Overstock in 2006, and sent some tough questions to the CEO. He went bananas, complained to the editors, and they pulled Tim off the story. It never ran, and the thesis of his story was subsequently vindicated.
That would never have happened under Steve Shepard, which shows that you are either blind to what has happened to the magazine or that you are one of the editors responsible for the mess it is in.
That $135 million figure is horrific. What that means is that BW has experienced a cataclysmic loss of revenues in recent years from a multiple of four to five times higher at its peak.
It is now understandable why McGraw-Hill wants to sell the magazine, and I bet that closing it is out of the question.
@ "BW_Staff_09": chill. Shooting the messenger is not a good idea. Get on a lifeboat while you can.
Bitter! Two messengers need to be lined up against the wall and shot, and Friedman has only had nice thinks to say about BW. Seems like you're the one who has had problems in the job market.
BusinessWeek was doomed when Kathy Rebello left. We who shared her vision remain, and we have learned to live with the uninspired management that has run this magazine to the edge of the precipice. I would have done anything for Kathy. Maybe the new owner, who ever that may be, could bring her back. Then we would have a chance of seeing a better future. Bringing Tim Mullaney back wouldn't hurt either.
Amen to that. Kathy was talented and imaginative, though she did rub some people the wrong way. What great editor doesn't? Tim was a fantastic reporter and his loss was keenly felt. I know it's common for ex-staffers to say that when they worked at Publication X it was the "golden era," but if you compare the staff roster in 2004 with the staff roster in 2009 the difference in quality as well as quantity jumps right out at you.
Methinks Kathy and Timmy are doing some sock-puppeting in this comment thread. Is that two more personalities, Kiki?
Can't speak for Kathy, but I'm Tim and neither my mother nor I have posted in this thread until now.
Pat isn't a big part of my life now. Bygones. I'll work with the BW folks again here at Bberg, and we will kick butt together. I can't wait!
In the meantime, ex-BW, Mayor Mike has a credit card with your lunch dying to be put on it:cool: