• BusinessWeek, Tuesday, August 4, 2009 10:44 PM

Joe Mansueto, Morningstar founder and owner of Inc. and Fast Company magazines, has expressed interest in pursuing a deal to buy BusinessWeek. Representatives of Mansueto Ventures are expected to meet with BusinessWeek management in the next several days for a detailed presentation of the magazine, say sources.

In 2005 Mansueto bought Inc. and Fast Company from Gruner & Jahr for around $35 million in cash plus the assumption of certain liabilities. Since then, he magazines enjoyed some prosperous years, but for the first six months of this year, Fast Company's ad pages dropped 34% to 171.3, and Inc.'s fell 29%, to 262.4.

Already, representatives of Bruce Wasserstein have met with BusinessWeek management. Wasserstein, through various companies, owns New York, The Deal, and a large stake in business publisher Penton Media. Three private equity players-Platinum Equity, Warburg Pincus, and OpenGate Capital are also taking in presentations concerning the magazine, but attending these sessions does not guarantee any company will place a final bid.

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