McGraw-Hill seeking to sell Businessweek: WSJ
US publisher McGraw-Hill has hired an investment bank to pursue a possible sale of Businessweek magazine, The Wall Street Journal reported on Monday.
By Agencies |
WASHINGTON: US publisher McGraw-Hill has hired an investment bank to pursue a possible sale of Businessweek magazine, The Wall Street Journal reported on Monday.
The newspaper, citing "two people familiar with the matter," said McGraw-Hill had hired Evercore Partners to look into a potential sale of Businessweek, which has a circulation of 936,000.
John Byrne, editor-in-chief of Businessweek.com, in a post on his Twitter feed, said he could not comment on the reports the magazine was for sale.
US newspapers and magazines have been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
Newsweek magazine came out with a redesign in May in what media analysts said was a bid to become more like Britain's Economist and less like its longtime US rival Time.
Another current affairs magazine, US News and World Report, has dropped its weekly edition and is focusing its efforts online.
The newspaper, citing "two people familiar with the matter," said McGraw-Hill had hired Evercore Partners to look into a potential sale of Businessweek, which has a circulation of 936,000.
John Byrne, editor-in-chief of Businessweek.com, in a post on his Twitter feed, said he could not comment on the reports the magazine was for sale.
US newspapers and magazines have been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
Newsweek magazine came out with a redesign in May in what media analysts said was a bid to become more like Britain's Economist and less like its longtime US rival Time.
Another current affairs magazine, US News and World Report, has dropped its weekly edition and is focusing its efforts online.
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