Journalism 2.0 – Businessweek has 93 Int…
Journalism 2.0 – Businessweek has 93 Interested Buyers
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=agbQCRqmrBbU
BusinessWeek magazine has generated interest from 93 potential buyers, McGraw-Hill Cos. Chairman and Chief Executive Officer Terry McGraw said.
“Everybody’s involved,” McGraw, 61, told Bloomberg Television today. “There’s a lot of interest.” Parties include private equity, hedge funds and strategic buyers, said McGraw, whose New York-based company owns the weekly. He didn’t name any suitors.
The recession and online competition have curbed advertising sales at BusinessWeek and its rivals. McGraw-Hill has said it is exploring options for the magazine after overhauling its education division and the Standard & Poor’s credit-ratings unit.
BusinessWeek’s ad sales fell 33 percent in the first half from a year earlier, to $77.8 million, according to the Publishers Information Bureau. That compares with a 21 percent drop industrywide.
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