Private equity firm OpenGate Capital has dropped out of the bidding for BusinessWeek, according to a Reuters report.
Anupreeta Das and Robert MacMillan report, “OpenGate had put in a bid for the 80-year-old magazine last month, along with Bloomberg LP, ZelnickMedia and Boston Properties Inc. co-founder and New York Daily News owner Mort Zuckerman.
“But another source told Reuters on Sept. 29 that BusinessWeek executives prefer a sale of the magazine to financial news and data provider Bloomberg.
“A McGraw-Hill spokesman was not immediately available for comment.”
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