Bloomberg back in race to acquire BusinessWeek: report
11 Sep 2009
Bloomberg LP, the financial news and data provider founded by New York mayor Mike Bloomberg, is reportedly back in the race to acquire BusinessWeek from the McGraw-Hill Companies.
Bloomberg had previously looked at buying BusinessWeek more than a year ago when McGraw-Hill was looking to hive the business magazine on the quiet, the New York Post (NYP) said in a report.
Bloomberg, based in New York City, had lost at that time as it differed on the valuation of BusinessWeek and also due to the company's inherent convention of developing products in-house.
It is unclear why Bloomberg now has revisited the bidding process at the last minute when the final bids for BusinessWeek are scheduled to be submitted at Evercore Partners on 15 September.
In July, McGraw-Hill went public and said that it was exploring options for BusinessWeek, another way of indicating that the magazine is up for sale. McGraw-Hill had taken the services of investment bank Evercore Partners Inc to handle the sale.
Last week, Terry McGraw, chairman and chief executive officer of McGraw-Hill Cos, said that 93 potential buyers have shown interest in acquiring BusinessWeek magazine.
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