Media and Money

Posts Tagged ‘Conde Nast

Bloomberg reports BusinessWeek, the McGraw-Hill Cos. magazine that lost 30 percent of its advertising revenue in the second quarter, is up for sale, according to a person close to the situation.BusinessWeekJune2006

McGraw-Hill hired Evercore Partners Inc., the boutique investment bank founded by Roger Altman, to sell BusinessWeek, sources say.

The recession and competition from the Internet have cut into ad sales at BusinessWeek and competitors. Condé Nast said in April that it was closing its two-year-old Portfolio business magazine after it failed to meet revenue forecasts.

“Magazines are vulnerable to the same decline in advertising revenue that has been hitting the newspaper industry,” said Tom Corbett, a Morningstar Inc. analyst in Chicago. “Because of that, the environment for sales of magazine properties is going to be pretty challenged.”
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These days, magazines are dissolving left and right. It’s great to hear a publication being launched with high expectation for success.

GQ is the latest Condé Nast title to expand into China. Jonathan Newhouse, chairman of Condé Nast International, said in a statement that the monthly magazine will begin publishing in October. It will be produced by Condé Nast under a copyright cooperation agreement with the China News Service. “GQ is a flagship title of Condé Nast. We believe the magazine will be a success in the Chinese market,” said Newhouse.

The market could be a huge one for the men’s title, considering the country’s population of 1.3 billion, and the abundance of male only children born after the country implemented its family planning policy in the Seventies. The wealthier, city-dwelling young men are often referred to by market research firms as “Little Emperors” with a voracious appetite for luxury goods and designer brands. GQ is the fourth Condé Nast title to appear in the region after Vogue, Self and Modern Bride.

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