The Internet has really hurt paper publications. As information has started to become more available on the web, people are starting to ditch paper publications in favor of their online counterparts. One of the big reasons why many publishers hate Google.
Many publishers have failed to cope with this transition and for those who have attempted to do so, have struggled to find ways in monetizing websites to match their usual profitability in the heyday of print. That, combined with the lack of advertisers due to the crisis, are placing publishers in a very tight bind.
BusinessWeek, for example, is one publication that’s hurting because of this. Parent company McGraw-Hill is said to be putting the business magazine up for sale. BusinessWeek has lost 30% of its advertising revenue. McGraw-Hill had hired Evercore Partners Inc to shop BusinessWeek around.
While McGraw-Hill only commented that they are “exploring strategic options,” a sale is likely if they ever find a buyer. Similar publications like Portfolio magazine have been canned by parent companies due to the lack of profitability.
BusinessWeek is a long-running publication found in 1929 with 4.8 million readers across 140 countries.
