Food, fashion, financials: None of these F-words are safe in this “new economy”.
Last week, publishing giant Conde Nast unexpectedly pulled the plug on four magazine titles Gourmet, Modern Bride, Elegant Bride and Cookie, gave the ax to editorial and sales teams in the digital division and may now even cut W magazine’s publishing frequency in half.
And today, financial data giant Bloomberg steps into the realm of consumer-focused media by buying BusinessWeek magazine.
The price tag? Undisclosed, although it is expected to be “relatively little”.
According to WSJ, BusinessWeek made $100 million a year for McGraw-Hill, which has owned the title for 80 years. But last year, the well-known magazine lost $43 million, and losses are expected to exceed $60 million this year, according to people familiar with the matter.