BusinessWeek is For Sale

As the recession continues, McGraw-Hill will sell BusinessWeek because of a decline in their ad pages, which focuses on car companies and financial services firm. The report was published on Monday by Bloomberg.

McGraw-Hill Cos. has decided to sell BusinessWeek according to Bloomberg on Monday. The company has hired Evercore Partners, an investment bank that would be in charge of a possible sale of BusinessWeek. An industry observer said, “It will be very difficult to sell BusinessWeek, given the losses there. It’s a wonderful brand, although it has seen better days.” The magazine, which focuses its markets at car companies and financial services firms, has a circulation rate of 936,000. BusinessWeek’s ad pages declined 36.8% in the first half of 2009 compared to the same time in 2008. People within the companies BusinessWeek and McGraw-Hill declined to make any comment. The magazine is not the only company who had ad-page rates decline, Time Inc.’s Fortune and Forbes both received similar ratings. The move will force BusinessWeek to rethink its operations and how they pursue business. Newsweek cut back its circulation and U.S. & World Report moved from a weekly publication to monthly.