More bad news for McGraw-Hill (MHP): BusinessWeek‘s advertising revenue plummeted 16% in Q4, according to Publishers Information Bureau. This drop was even worse than BusinessWeek’s ad revenue for the full-year 2007, which fell 12%. Shockingly, it is even worse than the obliterated newspaper industry, whose ad revenue “only” fell about 10% for the year.
BusinessWeek can’t just blame the “business magazine” industry in general. According to PIB, the Economist’s revenue jumped 28% in Q4. Fortune dropped 8%, but Forbes rose 5% and Money was flat. BusinessWeek‘s problems, in other words, seem largely specific to BusinessWeek.
At this rate of collapse, it seems reasonable to expect that BusinessWeek will soon be forced to order significant cost cuts, including layoffs.
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