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.
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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.
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