BusinessWeek is on the market

McGraw-Hill has put its weekly New York-based publication BusinessWeek up for sale.

The magazine, which claims to have around 4.8 million readers in 140 countries, lost 30% of its advertising revenue in Q2 this year, according to reports.

McGraw-Hill has appointed investment bank Evercore Partners to sell the title, which has almost 190 editorial staff under editor-in-chief Stephen Alder.

It was founded in 1929 and underwent a revamp in 2007, with extra features on new products and personal finance in a bid to attract more readers and advertisers.

However, sales of BusinessWeek slipped to 933,566 per week on average in the second half of 2007 and are thought to be much lower now.