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Report: ‘BusinessWeek' for sale

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New York—McGraw-Hill Cos. has placed BusinessWeek on the market, according to a report Monday from Bloomberg.

The company is said to have hired Evercore Partners, an investment bank, to handle the possible sale. Both McGraw-Hill and Evercore Partners declined to comment. BusinessWeek's ad pages declined 36.8% in the first half of this year compared with the same period in 2008. Industry observers said public companies such as McGraw-Hill, Reed Elsevier and Wolters Kluwer have lost their appetite for the fluctuations of products that rely on cyclical advertising revenue.

“It will be very difficult to sell BusinessWeek, given the losses there,” said one industry observer who spoke on condition of anonymity. “It's a wonderful brand, although it has seen better days.”

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