It’s been confirmed: Newsmax Media is out of the running as a bidder for Newsweek. A spokesperson for the company sent a statement to Business Insider stating that, although a bid had been made, they will not play a part in the final process:
Newsmax Media made a serious bid to acquire Newsweek, which we believe is an extraordinary publishing property with great potential as both a print and online product. We will not be participating in the final bid process, but the company remains committed to its long term objective to diversify and expand into numerous distinct media brand offerings.
Earlier, The New York Times reported that, according to sources close to the process, the Washington Post Co. rejected Newsmax publisher Chris Ruddy’s bid because they felt the magazine’s conservative bias was at odds with their own content.