BusinessWeek magazine, one of the largest business magazine in the nation and owned by McGraw-Hill (MHP), also the owner of the Standard & Poor’s ratings company, is up for sale. According to industry experts BusinessWeek has lost money for 24 consecutive months now and is projected to lose over $20 million this year if its advertising (the magazine lost 30% of its ad revenue in the second quarter) continues to move down at its current rate.
McGraw-Hill hired Evercore Partners Inc., the boutique investment bank founded by Roger Altman, to sell BusinessWeek, said [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’s ad pages declined 34 percent in the three months through June, while competitor Fortune posted a 45 percent drop. Forbes had a 40 percent decline, PIB data show.
The recession and competition from the Internet have cut into ad sales and circulation at BusinessWeek and competitors.