BusinessWeek magazine is undergoing a face lift and adding stories on new products and personal finance in an attempt to attract readers after advertising pages fell 20 percent last quarter.

The magazine, published by McGraw-Hill Cos., is updating its logo, typefaces and graphics starting today, Editor Stephen Adler said. Each issue will have three long articles instead of one now, in addition to new sections. Lifestyle coverage will be cut, and most columns will be moved to the back of each issue.

The changes mark a renewed effort by BusinessWeek to capture advertisers targeting affluent, educated readers, counter a drop in auto ads and define its place in a news cycle shaped by the Internet and 24-hour cable TV. The typical BusinessWeek reader is about 46 years old, with a median annual household income of $86,000, according to New York-based Mediamark Research Inc.