For Sale: BusinessWeek

This caught my eye:

“McGraw-Hill Cos. hired Evercore Partners Inc., the boutique investment bank founded by Roger Altman, to sell BusinessWeek magazine, a person close to the situation said.

The person 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.

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 cuts 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.”

It is less about conflict of interest than it is about dumping a old form media property in a time of declining circulation and falling advertising dollars.


McGraw-Hill Said to Hire Evercore to Sell BusinessWeek Magazine
Serena Saitto and Greg Bensinger
Bloomberg, July 13 2009

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