And Another Newsweek Bid Update! One More Hedge Fund Joins In

One out, one in: Newsmax might be out of the race to take over Newsweek, as is Thane Ritchie, but a new bidder has emerged as today’s 5 p.m. deadline approaches. Business Insider is reporting that, according to an anonymous but “well placed” source, the latest company to join in the bidding process is Avenue Capital, a hedge fund run by billionaire Marc Lasry.

Others rumored to be placing their bids by this evening are TV Guide owner OpenGate Capital, mogul Sidney Harman, and Fred Drasner, who is currently considered the front runner.