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Tuesday, July 14, 2009

Report: BusinessWeek Could Be Sold for $1

By Matt Egan

FOXBusiness

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McGraw-Hill’s (MHP) BusinessWeek could fetch just $1 due to the magazine’s heavy losses and the media recession, the Financial Times reported.

The shocking $1 figure comes a day after various media outlets reported that McGraw-Hill has hired boutique investment bank Evercore to shop the magazine. The publisher said it is exploring "strategic options" for BusinessWeek.

Likely buyers for BusinessWeek include OpenGate Capital, Platinum Equity and Mansueto Ventures, the Financial Times reported, citing an analyst.

The $1 price tag that OpenGate paid for TV Guide "is probably the kind of deal that would be obtainable for BusinessWeek," Reed Phillips, managing partner of media investment bank DeSilva & Phillips told the Financial Times.

Time Inc., Forbes and Conde Nast aren't likely to bid on BusinessWeek, the paper reported.

However, McGraw-Hill has already circulated the financial magazine's fiscal details to a number of companies, including Time Warner's (TWX) Time Inc. magazine group, The Wall Street Journal reported.