Jon Fine, who covers the media for BusinessWeek, reports Thursday that two more potential bidders, both private equity funds, have emerged for the McGraw-Hill business weekly, put up for sale earlier this month.
Fine writes, “Platinum Equity, the Beverly Hills-based private equity firm, is among the companies meeting with BusinessWeek management to view detailed presentations and financial data for the 80-year-old magazine. Earlier this week, executives familiar with the matter say, representatives from private equity firm Warburg Pincus met with management for such a presentation. Spokesmen from both companies declined to comment.
“Evercore Partners, the investment bank that is handling the sale exploration process for BusinessWeek’s owner, The McGraw-Hill Companies, earlier this year sold the San Diego Union-Tribune newspaper to Platinum.
“More than half a dozen potential bidders are expected to meet with management, executives say. At least one is a non-U.S.-based company, though its identity remains unclear as of this writing.
“A McGraw-Hill spokesman declined to comment beyond a previous statement that the company is exploring strategic options for BusinessWeek. In an earnings call this week, McGraw-Hill Chairman and CEO Harold ‘Terry’ McGraw III similarly declined to elaborate on the company’s prior statements.”
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