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.
“McGraw-Hill, also the owner of the Standard & Poor’s ratings company, is said to be seeking a buyer for BusinessWeek as the recession and competition from the Internet cut into publishers’ 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.
“’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.
Reuters deputy global managing editor of world news Tom Platt shared the below note with…
The Wall Street Journal is seeking a reporter to write agenda-setting enterprise and investigative stories…
CalMatters/The Markup is looking for an ambitious reporter to cover technology in California and beyond,…
Joseph Wilkins has been hired as a reporter for CNBC Pro in Londion. Wilkins joins…
Mike Sheen has been hired at CNBC as markets and finance editor, overseeing CNBC International’s…
Christiana Sciaudone of A Media Operator writes about how Bloomberg's events strategy has changed under Leigh…