Washington
– Nearly a month after announcing that it would put Newsweek up for sale, The
Washington Post now appears to have at least four potential buyers for the
magazine. Reuters reported that both Newsmax Media and Thane Ritchie, the CEO
of Ritchie Capital Management, have submitted bids, while The New York Times
reported that OpenGate Capital and Sidney Harman, the founder of Harman
International Industries, have expressed their interest.
Thomson Reuters, which
had been rumored to be a potential suitor, said that it did not formally submit
a bid.
The deadline to submit preliminary bids for the magazine expired
Wednesday at 5 p.m.
The Post in early May retained Allen & Company to help
find potential buyers for the publication, which has seen mounting red ink over
the past three years.
Newsweek was launched in 1933, and purchased by The Post
in 1961.
Related Links:
http://www.reuters.com/article/idCAN0324027320100603?rpc=44
http://snipurl.com/x35cb
(N.Y. Times)
