The news-and-information conglomerate just issued a statement more or less confirming this morning's report by Bloomberg that it is ready to part ways with the 80-year-old business magazine. This was the company's statement:
The McGraw-Hill Companies (MHP) today announced that it is exploring strategic options for BusinessWeek. BusinessWeek is a globally respected brand and one of the world's leading sources of essential and trusted content that informs and inspires business leaders to make smarter decisions in their professional and personal lives.No mention was made in the statement of Evercore Partners, which Bloomberg says is handling the sale (or whatever it turns out to be), but PaidContent notes longstanding links between the bank and the publisher: It was Evercore that brokered the 2005 sale of J.D. Powers to McGraw-Hill, and Evercore co-chairman Pedro Aspe sits on the McGraw-Hill board.
Shrinking Ad Revenue Weighs on Print Media
As a tough economy clips advertising revenue at print media organizations, BusinessWeek puts itself up for sale. Click through the gallery to see the toll that the recession has taken on print media.
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