BusinessWeek up for sale
McGraw-Hill has hired investment banker Evercore Partners Inc. to sell BusinessWeek magazine, writes Serena Saitto and Greg Bensinger of Bloomberg News, according to a person with knowledge of the situation.
Saitto and Bensinger write, “The person declined to be identified because the information isnâ€™t public. Spokesmen for McGraw-Hill and Evercore, which are both based in New York, declined to comment.
“McGraw-Hill, also the owner of the Standard & Poorâ€™s ratings company, is said to be seeking a buyer for BusinessWeek as the recession and competition from the Internet cut into publishersâ€™ advertising sales. The weekly magazine was founded in 1929 and has almost 190 editorial staff, according to its Web site. It has about 4.8 million readers weekly in 140 countries.
â€œ’Magazines are vulnerable to the same decline in advertising revenue that has been hitting the newspaper industry,’ said Tom Corbett, a Morningstar Inc. analyst in Chicago. ‘Because of that, the environment for sales of magazine properties is going to be pretty challenged.’
“BusinessWeek posted a 30 percent decline in second-quarter ad sales to $43.9 million, compared with a 22 percent drop industrywide, according to Publishers Information Bureau data.”
Read more here.