According to insiders, McGraw-Hill is so eager to dump BusinessWeeek that it may dump the 80-year old publication for a mere dollar.
BusinessWeek’s ad revenue plummeted to just $77.8 million in the first six months of 2009 and its circulation has fallen to just 936,000.
Who would be willing to ante up a buck for what is arguably the nation’s leading financial publication? Analysts expect the most likely bidders to be publishers of other financial publications who hope the consolidation of publications will lead to cost savings.
Not so fast, McGraw-Hill. We have a plan of our own:
We’ll swoop in as unexpected bidders, win the auction with an unexpectedly high bid of $2, immediately spin off BusinessWeek.com as a separate entity, throw the rest of the operation into bankruptcy, sell the website for $1,000,000 and walk away from the whole mess.
Do not be embarrassed if you didn’t follow all those machinations. We are highly-trained financial gurus and you are not.
Source: Financial Times
