McGraw-Hill Might Reap Only $1 by Selling BusinessWeek

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.

From FT:

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.