Two more potential bidders emerge for BusinessWeek
Jon Fine, who covers the media for BusinessWeek, reports Thursday that two more potential bidders, both private equity funds, have emerged for the McGraw-Hill business weekly, put up for sale earlier this month.
Fine writes, “Platinum Equity, the Beverly Hills-based private equity firm, is among the companies meeting with BusinessWeekÂ management to view detailed presentations and financial data for the 80-year-old magazine. Earlier this week, executives familiar with the matter say, representatives from private equity firm Warburg Pincus met with management for such a presentation. Spokesmen from both companies declined to comment.
“Evercore Partners, the investment bank that is handling the sale exploration process for BusinessWeek’s owner, The McGraw-Hill Companies, earlier this year sold the San Diego Union-Tribune newspaper to Platinum.
“More than half a dozen potential bidders are expected to meet with management, executives say. At least one is a non-U.S.-based company, though its identity remains unclear as of this writing.
“A McGraw-Hill spokesman declined to comment beyond a previous statement that the company is exploring strategic options for BusinessWeek. In an earnings call this week, McGraw-Hill Chairman and CEO Harold ‘Terry’ McGraw III similarly declined to elaborate on the company’s prior statements.”
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