Who Really Wants BusinessWeek?
Though McGraw-Hill CEO Terry McGraw told Bloomberg TV that “everybody” wants to buy BusinessWeek, citing as many as 93 possible bidders, the real number is much lower, reports Media Life magazine.
Interested parties include billionaire Bruce Wasserstein, who bought New York magazine in 2003, and Platinum Equity Partners, which just bought the San Diego Union-Tribune (and immediately cut nearly 200 jobs).
Media Life surveyed its readers—media planners and buyers, all—and found that two-thirds of them are predicting that either the buyer will scrap BW for its assets, or that McGraw-Hill won’t find a buyer that meets its terms and will itself fold the magazine. But it sounds like any buyer is going to have to cut headcount in order to try to turn BW profitable again, and neither Platinum or Wasserstein are particularly, shall we say, romantic.
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