BusinessWeek for sale

(Bloomberg)
BusinessWeek, the McGraw-Hill Cos. magazine that lost 30 percent of its advertising revenue in the second quarter, is up for sale, according to a person close to the situation.

McGraw-Hill hired Evercore Partners Inc., the boutique investment bank founded by Roger Altman, to sell BusinessWeek, said the person, who 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.

The recession and competition from the Internet have cut into ad sales at BusinessWeek and competitors. Condé Nast said in April that it was closing its two-year-old Portfolio business magazine after it failed to meet revenue forecasts.

“Magazines are vulnerable to the same decline in advertising revenue that has been hitting the newspaper industry,” said Tom Corbett, a Morningstar Inc. analyst in Chicago. “Because of that, the environment for sales of magazine properties is going to be pretty challenged.”

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