The latest: He reports that the two bidders that have thus far expressed the most interest are private equity firms Platinum Equity, which bought the San Diego Union-Tribune earlier this year, and Warburg Pincus.
Executives within the company expect to meet with about half a dozen potential bidders. These include OpenGate Capital and financier Bruce Wasserstein (who owns New York Magazine and The Deal), as Fine reported last week.
Any buyer would be getting a fixer-upper. According to financial projections provided by the company, ad revenue will have declined an average of over 18% per year since 2006 through 2009, while total revenue (including the website and bi-monthly magazine SmallBiz) declined about 9% per year. Here is how Fine tells it:
“Print-ad revenue exceeded $109 million in 2006 but is projected to fall to $59.7 million in 2009, which represents a decline of more than 45% for BusinessWeek’s largest revenue stream. Total revenues, including those from BusinessWeek’s Web site and offshoot products such as its six-times-a-year magazine SmallBiz, will decline from $181.5 million in 2006 to a projected $135.6 million in 2009, according to the data.”
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.