BusinessWeek Update: There Are Interested Parties

businessweek.pngBusinessWeek media columnist Jon Fine has some excellent insight into the progress of the sale of his employer.

According to Fine, OpenGate Capital, the private equity firm that bought TV Guide magazine last year, and Bruce Wasserstein, who picked up New York magazine in 2003, have both shown interest in BusinessWeek, which is currently owned by McGraw-Hill.

Although some financial information was already sent out to interested parties six weeks ago, the magazine’s management is going to be making full presentations soon, starting as early as the end of next week or early August, Fine said. Other companies will most likely attend the presentations besides OpenGate and Wasserstein, but McGraw-Hill is remaining mum.

However, some companies have already passed on the business magazine including Thomson Reuters, Bloomberg and private equity firm Investcorp, which owns American Banker.

Fine also uncovered some of BusinessWeek‘s financial data, after the jump

The financials sent to interested parties several weeks ago revealed that BusinessWeek “lost around $20 million on revenues of $147 million in 2008, and that slightly smaller losses are projected in 2009 on revenue of around $135 million,” Fine said.

However, those reported losses don’t include rent and some infrastructure-related costs that, if factored in, would double BusinessWeek‘s losses. Fine said those costs can be taken out if a potential buyer or partner has spare office space or the infrastructure to handle the acquisition. Still, like almost every media organization right now, revenues are sliding at BusinessWeek, making it a risky acquisition no matter what.

Earlier: Bloomberg, News Corp. Not Interested In BusinessWeek