OLD Media Moves

Bloomberg considered front runner for BusinessWeek

October 13, 2009

Shira Ovide of The Wall Street Journal reports Tuesday that Bloomberg L.P. is the likely winning bidder for BusinessWeek magazine, according to people with knowledge of the talks.

Ovide writes, “A sale remains under negotiation and still could fall apart, according to the people, who said a deal could be struck within days. The situation remains fluid, and it is possible another buyer will surge ahead of Bloomberg, the financial-information company founded by New York Mayor Michael Bloomberg.

“A spokesman for BusinessWeek referred a request for comment to McGraw-Hill. McGraw-Hill said it was ‘very pleased that the process continues to go well.’ A spokeswoman for Bloomberg declined to comment.

“At least one other bidder, private-equity firm ZelnickMedia, remains in the running, according to the people.

“Relatively little money is expected to change hands in any sale. The people said final-stage negotiations have focused less on the purchase price than on whether McGraw-Hill or the new owner would be responsible for paying severance to the BusinessWeek staffers expected to lose their jobs after a sale.”

Read more here.

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