Expensive Social Net Will Cost BusinessWeek $4.7 Million In 2009; $21 Million Expenses Till Date

BusinessWeek’s efforts to reinvent itself in the internet age hasn’t come cheap. On the eve of McGraw-Hill’s Sept. 15 bid deadline for the business magazine, The New York Times reports that BW’s social net Business Exchange is on track for nearly $21 million in expenses from its 2007 launch through 2009 . Last year’s revenue, according to a memo the NYT says was sent to investors: about $600,000...