Over the past few weeks, BusinessWeek‘s own media columnist Jon Fine has been tracking the efforts by the magazine’s owner, McGraw-Hill, to sell the business pub.
Yesterday, he reported another possible bidder has entered the fray: Jon Mansueto, whose Mansueto Ventures also owns Inc. and Fast Company.
Mansueto has a history of buying magazines when they’re a good deal, Fine said. “In 2005 Mansueto bought Inc. and Fast Company from Gruner & Jahr for around $35 million in cash plus the assumption of certain liabilities,” he said.
Mansueto’s interest in BusinessWeek might have another explanation as well. John Byrne was editor of Fast Company when Manseuto purchased the magazine and he helped broker the deal that brought Fast Company and Inc. under Mansueto’s control. He left the company shortly thereafter to return to … BusinessWeek. He currently serves as executive editor of the magazine and editor-in-chief of Businessweek.com.
Meanwhile, as Fine previously reported, other parties are also interested in possibly making a bid for BusinessWeek and have taken meetings with the magazine’s management. New York magazine owner Bruce Wasserstein met with BusinessWeek insiders earlier this week, and three private equity firms have also shown an interest.
Read the whole story here.