Media Matters

Media Matters

Out of Business Week

By 7.21.09

Media mavens have been predicting it for some time, but when the once-powerful Business Week magazine went on the block last week -- reportedly for one dollar -- it came as a shock, perhaps most of all to the BW journalists who have been covering the shift away from print.

"It couldn't happen here," one New York staffer told me. "But it has."

Proprietor McGraw-Hill hid behind corporate jargon in merely announcing it was examining "strategic options" for the troubled weekly. In fact the corporation is desperate to dump the magazine. Business Week, which once made $100 million a year, now reportedly loses that amount.

McGraw-Hill chairman, president and CEO Harold McGraw III is quoted in magnificent understatement as saying, "Cost containment will be a priority for us all year."