NEW YORK (Reuters) – McGraw-Hill Cos Inc is trying to sell BusinessWeek magazine, a source told Reuters on Monday, at a time when media advertising sales are slumping and would-be buyers for newspapers and magazines are scarce.
McGraw hired boutique investment bank Evercore Partners Inc to manage the sale, said the source, who was familiar with the situation but not authorized to discuss it publicly.
McGraw said on Monday afternoon that it was "exploring strategic options" for BusinessWeek, a common euphemism used by companies exploring asset sales. The company offered no other details. Evercore declined to comment.
BusinessWeek, founded in 1929, has around 4.8 million readers each week in 140 countries, according to the magazine's website. It built its name on articles about business and finance for the investment community, as well as general audiences interested in stocks, bonds and other investments.