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New York Daily News owner Mort Zuckerman and OpenGate Capital drops out of BusinessWeek bidding
By Caroline Mittermair for CEOWORLD Magazine Updated:October 6, 2009
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New York Daily News owner Mort Zuckerman dropped out of the bidding for McGraw-Hill Companies Inc’s (NYSE:MHP) BusinessWeek magazine.
Zuckerman, co-founder and chairman of real estate investment trust Boston Properties Inc (NYSE:BXP), had put in a last-minute bid for the magazine last week.
In another news, Private equity firm OpenGate Capital has dropped out of the bidding for McGraw-Hill Cos Inc’s (MHP.N) BusinessWeek magazine.
OpenGate had put in a bid for the 80-year-old magazine last month, along with Bloomberg LP, investment firm ZelnickMedia and Boston Properties Inc (BXP.N) co-founder and New York Daily News owner Mort Zuckerman.
But Bloomberg LP is emerging as the clear winner for the 80-year-old magazine.
But McGraw-Hill executives prefer a sale of the magazine to privately owned financial news and data provider Bloomberg. They consider Bloomberg the best buyer for BusinessWeek because it could capitalize on the marriage of two brand names well-known in financial circles, Reuters reported.
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