This story was written by Rafat Ali.
The bidding for McGraw-Hill (NYSE: MHP) owned BusinessWeek is entering final stages, and bids are due by Sep 15, reports BW’s own Jon Fine. A new name in the process is Strauss Zelnick’s ZelnickMedia, which seems to be part of every major media bidding these days. Zelnick is best known for its stake in video game company Take Two, and others like music company Columbia Music Entertainment, among others. Other companies that have been shown the book include OpenGate Capital, Warburg Pincus, Wasserstein & Co, Joe Mansueto and Platinum Equity Partners.
Among them, NYP yesterday reported that Wasserstein is the most aggressive in bidding for it. Which of course I have previously said is ironic considering it doesn’t exactly have a winner in its hands with the two other biz media properties it owns: TheDeal and Penton Media. But this may be a case of trying to gain more media relevance by going after a higher profile name for the NYC financier, a la Murdoch-WSJ. There certainly isn’t a great business to be had in BW, unless they radically retool everything. To be fair, the firm has done a good job with retooling New York mag, especially with its website. As for BW’s own employees, Fine says “Wasserstein is also the candidate among the known potential bidders most favored by the rank-and-file at BusinessWeek”. Maybe they’ll be heard this time…
By Rafat Ali