Kolkata-based ABP Group is looking for a buyer for its business magazine Businessworld .
The company has put the magazine on the block and have appointed an investment banker for the sale, according to industry sources.
The business magazine had turned fortnightly from weekly early this year with the aim of stepping out of the news genre to focus entirely on analysis of issues, events and trends that impact business and economy. Speculations are also rife that the company could look at various measures to cut costs.
The magazine space including the English business magazine segment has been facing several challenges in recent times. In July, the Outlook Group had announced the closure of three of its magazines,
A senior analyst with a consultancy firm who did not wish to be identified said that the business magazine space in the country has been struggling with fierce competition between Indian and international players.
“There are various factors that pose a challenge to the business magazine space. While the economic slowdown has made advertisers cautious, but ad spends are also being diverted to alternative mediums like the digital platforms. The business magazine space has seen a bit of overcrowding in the past few years. It is also about the evolving preferences of readers,” he added.
When contacted Businessworld Editor Prosenjit Datta declined to comment and said he had no information on the matter.
The ABP Group has interests across newspapers including Telegraph , television news channels including ABP News and a clutch of popular Bengali magazines.
In the business space, the group also publishes the Indian edition of Fortune under an agreement with its global owners.