FT Business will be auctioned by its owner Pearson, which said it has had a number of offers over the past few months and has appointed the investment bank Lazards to run the auction.
Though Hill has not been working directly with FT Business for some months, he has decided to detach himself further: "I have expressed interest in leading a management buy-out. Under these circumstances I have decided to distance myself from the supervision of the business."
Hill's responsibilities in the FT Group will be transferred to Oliver Fleurot, managing director of the Financial Times.
Analysts estimate the business could fetch up to £70m. The FT Business unit made operating profits of £2m in the first six months of 2001 alone.
"These are very successful titles and have attracted a lot of interest," said a spokesperson for Pearson. "We need to see if they are more valuable for people outside the company."
FT Business titles include Investors Chronicle, Financial Adviser, The Banker and Pensions Week.
Last year circulation of the Investors Chronicle fell 23% against a 20% rise in the finance magazine market.
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