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BusinessWeek Up For Sale By McGraw-Hill
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by Yuliya Talmazan | July 13, 2009 at 10:38 am
114 views | 8 Recommendations | 3 comments
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World-famous magazine BusinessWeek is now up for sale by publisher McGraw Hill after falling yet another paper-based victim to the declining ad revenues sucked by the online news sources. BusinessWeek is reported to have lost 30% of its advertising revenue in the second quarter. The magazine will be sold by the Evercore Partners Inc. It is not clear yet who the bidders will be and whether the sale will lead to any editorial reshuffles or layoffs.
BusinessWeek has been in existence since 1929, reaching a circulation of over one million copies worldwide in the mid 1990s.
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.
Industrywide ad pages dropped 30 percent in the second quarter with financial, insurance and real estate marketers buying 51 percent fewer pages, according to PIB. Automotive ad pages fell 49 percent, PIB said.
The magazine has built its name on smart articles about business and finance aimed at the investment community, as well as a general audience interested in stocks, bonds and other investment vehicles.
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Most RecentMost Recommended Comments (3)
at 12:39 on July 13th, 2009
I have used their articles to teach lessons in ESL for business.
Politically, they are very balanced.
I remember when Bush ran against Gore. Business Week said that Bush's tax cuts were too deep and Gore's spending plans were too great.
at 15:31 on July 13th, 2009
That is interesting, Roy. I am not a frequent reader of BusinessWeek, but hopefully the new owner will reinvent the business model for the publication to continue in whatever form it brings the most revenue.
at 14:44 on July 18th, 2009
Advertising it going into podcasts because viewers are much more of a targeted audience. Podcasting is a tech sector that is growing by leaps and bounds exponentially. Any company that's a leader in podcasting will be a powerhouse in a year. I'm looking at buying stock in Wizzard Software (WZE). Few have discovered this largest podcasting network and it hasn't shot up yet but it will.