New York--Standard Media International, publisher of the once high-flying The Industry Standard , is reportedly in play. Standard Media has hired investment bank Allen & Co. to explore its options, including a possible buyout of majority owner International Data Group Corp., according to Inside.com. Other scenarios include a sale by IDG of all or part of its stake to another media company or to one or more financial backers. Ad pages for The Industry Standard were down 74% for the first half of the year compared with 2000 while ad revenue plunged 59%. A Standard spokeswoman said the company is not exploring a possible sale and is in discussions about the next round of financing. A spokeswoman for IDG had no comment.