BusinessWeek reportedly for sale

businessweek-for-sale

BusinessWeek, the weekly magazine founded in 1929, has been put up for sale by its owner.

McGraw-Hill has hired investment bank Evercore Partners to find them a buyer for the 80 year-old publication, according to Bloomberg.

The story noted that BusinessWeek suffered a 30% drop in advertising in the second quarter, while the industry saw an average decline of 22%, according to the Publishers Information Bureau.

“Magazines are vulnerable to the same decline in advertising revenue that has been hitting the newspaper industry,” an analyst from an investment research company told Bloomberg. “Because of that, the environment for sales of magazine properties is going to be pretty challenged.”

The magazine has an editorial staff around 200 and reaches 4.8 million readers in 140 countries each week.

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