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Here’s the article…
Apparently the media industry is “stunned” that BusinessWeek is for sale. Really? Stunned?
Today’s article in B2B Media Business cites the following:
- - BusinessWeek lost $85 million in 2008
- - BusinessWeek has already lost $20 million in 2009
- - BW’s ad pages declined 17.2% in 2008
- - This year, BW’s ad pages have declined 36.8% compared to the same period last year
- - BusinessWeek’s ad pages have dropped 69% since their high point in 2000
- - Print ad revenue has fallen 59% in the same time period
Why are people stunned that McGraw-Hill would want to offload a business unit that is bleeding so severely? I understand that BusinessWeek’s brand is valuable and important, but most companies – including McGraw-Hill - can’t absorb $80 million in losses year after year.
I suppose that the shock and dismay people feel at the loss of well-established print entities shouldn’t surprise me. Just look at the outrage that people felt at the thought of the Boston Globe possibly closing its doors, even though that publication is on track to lose $85 million this year.
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