Jon Fine of BusinessWeek reports that Bloomberg LP has entered the bidding for the McGraw-Hill owned business news weekly.
“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.”
Read more here.
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It will be adapt or die under the new owner, whoever that may be. Smart journalists these days know how to position themselves to thrive under fresh management. My survival advice:
1/ Cultivate new boses out of office hours. I have even offered to bring chicken soup to a former superior (now gone, sadly, from BW).
2/ Select several of your colleagues and nominate them as "resentful" and "opposed to change". Monitor their comments, distill their real meaning, and re-lay this quietly to the new boss.
3/ Note your colleagues' personal shortcomings. Be they alcohol, drugs, technical incompetence, divorce issues. All of this is capital to be spent with the new bosses, who will be ignorant of the HR landscape and will appreciate the intelligence.
I can vouch for these methods. They rescued me from a low-rent editorial job and have paid my mortgage ever since.
Remember, new brooms want to sweep dirt. Just make sure you're not caught in the dust pile.