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Will Bloomberg Save Businessweek

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by Matt Haber
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Sep 10 2009 5:01pm EDT

Will Bloomberg Save BusinessWeek?

In a rare first-on-the-Web item, the New York Post's Keith Kelly is reporting that Bloomberg LP has made a bid for BusinessWeek.

BW's own Jon Fine heard the same thing, and reports, "The news comes as a surprise, as Bloomberg previously passed on BusinessWeek, following much earlier talks. It is not clear what drew Bloomberg back into the process."

BusinessWeek's parent company, McGraw-Hill, put the magazine on the market back in July. Among those checking out the wares: Bruce Wasserstein, owner of New York magazine and The Real Deal, investment firm OpenGate Capital, which currently owns TV Guide, ZelnickMedia, and others. According to a report in Time, BW had 37 percent fewer ad pages than it did last year and may be on track to lose $20 million in 2009.

Final bids are due September 15.

Matt Haber is the media blogger for Portfolio.com.

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