McGraw-Hill shops BusinessWeek for sale

NEW YORK, July 13 (UPI) -- U.S. publisher McGraw-Hill is shopping around for a buyer for its 80-year-old magazine BusinessWeek, a source close to the company said.

Ad sales for the magazine plunged 30 percent in the second quarter to $43.9 million, steeper than the industry average of 22 percent, Publishers Information Bureau reported.

At business periodicals, ad sales fell 34 percent at Fortune in the second quarter and 40 percent at Forbes, The Los Angeles Times reported Monday. Conde Nast said in April it would close its business magazine Portfolio.

A spokesman for McGraw-Hill declined to comment on the possible sale, but a source said the company has hired Evercore Partners Inc. to help find a buyer. Evercore also declined to comment, the newspaper said.