BusinessWeek on the Block?
After what felt like a short springtime respite from the downward spiral of the media world, the bad news has been picking up again of late. Last week Gannett laid off upwards of 1,400 people, late last month Vibe folded, and the NYT.com has announced it may soon start charging for access. Today Bloomberg is reporting that McGraw-Hill may be putting BusinessWeek up for sale. Taken together all this news gives a whole new meaning to the phrase “summer news slump.” Per Bloomberg:
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 cut into publishers’ advertising sales.
Read the rest here.
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