Anybody want to buy an 80 year-old business magazine? Now's your chance.
McGraw-Hill has hired Evercore (the same financiers who bought AMI, home of the National Enquirer, for $850 million ten years ago) to find them a buyer for BusinessWeek, according to Bloomberg.
BusinessWeek was founded in 1929 and has almost 190 editorial staff, according to its Web site. It has about 4.8 million readers weekly in 140 countries. The weekly magazine's 30 percent decline in second-quarter ad sales, to $43.9 million, compared with a 22 percent drop industrywide, according to Publishers Information Bureau data.
Since Conde Nast folded Portfolio, we're back to the classic "Big Three" business magazines. Which some people suspect is too many! So any buyer of BusinessWeek would be gambling that the old girl still has enough cachet to steamroll at least one of its two main competitors, Fortune and Forbes, and would also be gambling that it could take on Forbes.com, which is a dicey proposition. These are the best of times and the worst of times to be a business magazine. But the "worst" part is about making money, unfortunately.
Email us if you have any inside info on buyers.