One by one bidders are dropping out of McGraw-Hill Cos.' (NYSE:MHP) BusinessWeek auction. The latest one to apparently not make the cut for the weekly business publication is OpenGate Capital, the private equity firm that owns TV Guide magazine, according to Reuters.
Three parties are still standing: Bloomberg LP; ZelnickMedia; and Mort Zuckerman, the co-founder of Boston
Properties Inc. (NYSE:BXP) and owner of the New York Daily News. Officials at the 80-year-old magazine reportedly favor selling it to Bloomberg, Reuters reported. This finding follows BusinessWeek reporter John Fine's hypothesis last month that Bloomberg was a leading bidder:
The privately-held Bloomberg is reckoned to rake in well over $5 billion in revenue a year, the overwhelming majority of which comes from subscribers to its pricey terminals. It's viewed as a company with both the resources to outbid most other comers and also one that has an existing infrastructure that many BusinessWeek operations can be folded into.
- Gerald Magpily
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