OLD Media Moves

Zuckerman bidding on BusinessWeek

September 30, 2009

Tom Lowry of BusinessWeek reports that New York Daily News owner Mort Zuckerman, who also owns U.S. News & World Report, is bidding to acquire the business weekly.

Lowry reports, “In a telephone interview with BusinessWeek, the real estate billionaire would only confirm that he bid for the magazine. He declined to elaborate on the terms of his offer and on his plans for how he might integrate BusinessWeek with his other media holdings, which also include U.S. News & World Report.

“Zuckerman is no stranger to the magazine business. In addition to U.S. News, where he serves as editor-in-chief, Zuckerman has previously owned The Atlantic Monthly and Fast Company. The chairman and co-founder of Boston Properties purchased The Daily News in 1993 and recently said he would invest $150 million in new color presses for the tabloid newspaper. (Full disclosure: I worked for Zuckerman as a business reporter at The News from 1993 to 1996). Zuckerman is also regular commentator on MSNBC and The McLaughlin Group.

“Zuckerman is competing for BusinessWeek with at least three other bidders, including Bloomberg LP, private equity firm Open Gate Capital and investment firm ZelnickMedia LLC. Revised bids were submitted Sept. 29.”

Read more here.

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