McGraw-Hill Co. owned BusinessWeek is up for sale after the publication's advertising revenue plummeted nearly 30 percent.
According to reports from Bloomberg, McGraw-Hill hired Evercore Partners Inc., to sell BusinessWeek, according to a person close to the situation.
BusinessWeek, like all traditional media, has felt the pinch of readers making a shift from off-line to online.
The downturn has been steep for newspapers and magazines because advertisers are also shifting their spending to less expensive alternatives on the Internet, where much of the media's audience has moved in the past decade.
The magazine's U.S. circulation averaged nearly 936,000 for the six months ending in December 2008, a slight improvement from the same period in 2007, according to the Audit Bureau of Circulations.