Bloomberg May Bid on BusinessWeek
September 10, 2009 by Mark Ellis
Filed under Business
When Bloomberg LP, a popular news and financial information source, first looked at a potential purchase of Mcgraw-Hill’s BusinessWeek magazine, Bloomberg passed on the opportunity. However, BusinessWeek has reported on its website that Bloomberg may have reentered the process of bidding for ownership of Business Week for reasons yet to be determined.
BusinessWeek will not accept any bids after September 15, which means that Bloomberg only has a small window of time to decide whether or not it actually wants to enter a bid. The two companies will apparently meet next week so that Bloomberg can get a better idea of BusinessWeek’s operations.
Bloomberg faces stiff competition, though, from a variety of other companies, such as Lazard Ltd, ZelnickMedia, Morningstar founder Joe Mansueto, and several private equity companies. BusinessWeek’s parent company has been hinting that it would sell the magazine since July, when it stated that it would be “exploring options” for BusinessWeek.
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