McGraw-Hill (MHP) isn’t saying how much a Business Week sale may fetch, but people familiar with the 80-year-old financial magazine’s losses estimate McGraw-Hill, which owns the Standard & Poor’s rating agency, could reap only a nominal $1.
McGraw-Hill could reap just $1 from a sale of Business Week… according to people familiar with [the matter].
The publisher has appointed Evercore, the boutique investment bank, to sell the business after concluding it was non-core, two people familiar with the decision said.
McGraw-Hill….would only say it was “exploring strategic options” for Business Week.
Bankers said it was unlikely that Time Inc, publisher of Fortune, or Forbes would bid.
Reed Phillips, managing partner of DeSilva & Phillips, the media investment bank, said more likely buyers were OpenGate Capital, which bought TV Guide; Platinum Equity, owner of the San Diego Union Tribune; and Mansueto Ventures, a publisher.