Jon Fine of BusinessWeek reports that Bloomberg LP has entered the bidding for the McGraw-Hill owned business news weekly.
Fine writes, “The news comes as a surprise, as Bloomberg previously passed on BusinessWeek, following much earlier talks. It is not clear what drew Bloomberg back into the process. Bloomberg’s Chief Content Officer, Norman Pearlstine, did not respond to several messages placed yesterday evening and today. A Bloomberg spokeswoman declined to comment, as did spokesmen from McGraw-Hill and BusinessWeek.
“Bloomberg’s move comes in the very endgame of the process, with final bids for BusinessWeek coming due Tuesday, September 15.
“At least ten companies, including Bloomberg, have participated in management presentations in which buyers receive more detailed information on the magazine’s operations. Other parties known to have taken part in those presentations are Bruce Wasserstein, ZelnickMedia, Morningstar founder Joe Mansueto, and private-equity firms OpenGate Capital, Platinum Equity, and Warburg Pincus.”
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