Bloomberg Bids For 'BusinessWeek'

Buisness Week coverBloomberg LP is the leading contender in bidding for BusinessWeek magazine. In the coming week, executives from Bloomberg and magazine publisher McGraw-Hill are expected to meet to discuss the distressed business publication's finances in more detail.

Final bids in the auction brokered by Evercore Partners are due by Tuesday, September 15.

According to a report on the New York Post Web site, Bloomberg had withdrawn from the bidding process after earlier involvement, making its last-minute return something of a surprise.

It still faces the possibility of rival bids from other potential buyers, including Bruce Wasserstein, Lazard, OpenGate Capital and ZelnickMedia, but the Post reports Bloomberg LP's bid was the best received to date.

McGraw-Hill earlier told prospective buyers that BusinessWeek is on course for $135 million in revenues in 2009, down 43% from a total of $236 million in 2008, as reported by the Publishers Information Bureau (using official rate card figures, which are probably inflated).

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In the first half of 2009, the magazine had taken in $77.8 million according to the PIB, down 33.4% from $116.8 million in the first half of 2008. Ad pages were down 36.8% from 935 in the first half of 2008 to just 590.5 during the same period this year.

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