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BusinessWeek

 
Hoover's Profile: BusinessWeek
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BusinessWeek
1221 Avenue of the Americas
New York, NY 10020
NY Tel. 212-512-2000
Fax 212-512-3840

Type: Business Segment
On the web: http://www.businessweek.com

With an audience of nearly five million, BusinessWeek is one of the most widely read business magazines in the world. The company operates under the goal of publishing the essential publication for business executives, its core audience. In addition to the global BusinessWeek publication, the company publishes more than a half dozen local-language versions in Arabic, Chinese, Russian, and numerous other languages. BusinessWeek was launched in 1929; McGraw-Hill has owned the publication for 80 years. A weakening economy and online competition has taken its toll on the magazine business, and BusinessWeek is up for sale. Financial information provider Bloomberg has announced plans to acquire the company.

Officers:
President: Keith Fox
VP Finance: Tania Secor
VP Global Marketing and Communications: Carl R. Fischer IV

Competitors:
Newsweek
Time Inc.
U.S. News & World Report

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Wikipedia: BusinessWeek
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BusinessWeek
Editor John Byrne
Categories Business
Frequency Weekly
Circulation 986,000[citation needed]
Publisher Stephen J. Adler (editor in chief)
First issue 1929
Company McGraw-Hill
Based in New York City, New York, United States
Language English
Website businessweek.com
ISSN 0007-7135

BusinessWeek is a weekly business magazine published by McGraw-Hill.

Contents

History

It was first published in 1929 (as The Business Week)[clarification needed] under the direction of Malcolm Muir, who was serving as president of the McGraw-Hill Publishing company at the time.[1] (Prior to 1929, it was titled System, published out of Chicago by Arch W. Shaw, the first publisher of Harvard Business Review.[2])

Competitors

Its primary competitors in the national business-magazine category are Fortune and Forbes, which are published bi-weekly.

Advertising

From 1975, it carried more advertising pages annually than any magazine in the United States, and in the mid 1990s its circulation was more than one million worldwide[3].

College rankings

Since 1988, BusinessWeek has published annual rankings of United States business school MBA programs.[4] In 2006, it also started publishing annual rankings of undergraduate business programs.[5]

Non-U.S. editions

BusinessWeek discontinued its European and Asian editions in 2005. A December 7, 2005, press release[6] issued by McGraw-Hill stated that it had decided to deliver a single global edition instead of providing separate regional ones.

Magazine redesign

On October 12, 2007, the magazine launched a revamped design, its first in four years. Several sections were redesigned to focus the publication more on news and global coverage, while eliminating the Executive Life section.

Magazine sale

Like nearly all magazines, BusinessWeek has suffered from a decline in advertising during the late-2000s recession. Print revenues halved, to US$60 million, between 2006 and 2009, and online revenues only grew marginally, to $20.5 million. [7] In July 2009, it was reported that McGraw-Hill was trying to sell BusinessWeek and had hired Evercore Partners to conduct the sale. Because of the magazine's liabilities it was been suggested that it may change hands for the nominal price of $1 to an investor who is willing to incur losses turning the magazine around.[8]

On October 13, 2009, Bloomberg L.P. announced it is acquiring the magazine for a reported $5 million, although exact figures were not disclosed.[9] In a press release accompanying the announcement, Bloomberg chairman Peter Grauer said, "Together, the BusinessWeek.com and the Bloomberg.com websites have more unique visitors than any non-portal business and financial site."[10] It is not known if Bloomberg plans any major changes to the magazine's design or editorial staff at this time.

See also

References

  1. ^ "Corporate History - Development". McGraw-Hill. http://www.mcgraw-hill.com/aboutus/history_development.shtml. Retrieved August 7, 2007. 
  2. ^ Witzel, Morgen (2005). The Encyclopedia of the History of American Management. Thoemmes Continuum (Bristol United Kingdom). p. 465. ISBN 9781843711315.
  3. ^ Jackson, Kenneth T. (1995). The Encyclopedia of New York City. New York City, New York: The New York Historical Society; Yale University Press. p. 172. ISBN 0-300-05536-6. 
  4. ^ "BusinessWeek Business School Rankings". BusinessWeek. http://www.businessweek.com/bschools/06/full_time.htm. Retrieved January 23, 2007. 
  5. ^ "Undergrad Rankings 2008". BusinessWeek. http://bwnt.businessweek.com/bschools/undergraduate/08rankings/. Retrieved July 1, 2008. 
  6. ^ Press release
  7. ^ "What Can We Learn from BusinessWeek". idiomag. October 27, 2009. http://platform.idiomag.com/2009/09/businessweek-what-can-we-learn/. Retrieved October 28, 2009. 
  8. ^ Edgecliffe-Johnson, Andrew (July 13, 2009). "Business Week Sale May Fetch only $1". http://www.ft.com/cms/s/0/bd68cdc6-6fdc-11de-b835-00144feabdc0.html. 
  9. ^ Mashable, "Bloomberg Acquires BusinessWeek for Less Than $5 Million"
  10. ^ WS Journal Market Watch, "Bloomberg to Acquire BusinessWeek Magazine"

External links

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