The Washington Post (WPO) has a deadline of 5 p.m. today for the final round of bids for Newsweek, the New York Times reports today. At least two bids are expected – but the Times notes that two other bidders were told that their offers would be turned down, no matter what the price.
The Times says the Post has rejected the advances of the owners of Newsmax, a monthly conservative magazine, and Thane Ritchie, an Illinois hedge fund manger with libertarian political views. Still in the running are Sidney Harman, the audio equipment magnate, and Fred Drasner, a former publisher of the New York Daily News. Both Harman and Drasner confirmed that they will bid.
Another potential bidder, the Times notes, is OpenGate Capital, the private equity fund that owns TV Guide.
Refusing to sell the magazine to conservative interests in an eye-opening decision; you have to wonder if shareholders would support putting political considerations ahead of financial considerations.
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