McGraw-Hill might reap only a nominal $1 by selling Business Week, according to people familiar with the 80-year-old financial magazine's record of losses.
The publisher has appointed Evercore, a boutique investment bank, to sell the title after deciding it was non-core to a group that owns the Standard & Poor's rating agency and an educational publisher, two people familiar with the decision said.
McGraw-Hill said it was "exploring strategic options" for Business Week and Evercore did not return calls, but auctioning a mainly print business exposed to financial advertisers during a recession will be challenging.
Business Week's advertising revenues fell by a third to $77.8m in the first half of 2009, according to the Publishers' Information Bureau. The magazine claims a circulation of 936,000 copies and 4.8m readers.
1 comment:
Overpriced...
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