G+J attributed its withdrawal to declining advertising revenue at RBI, the U.K.-based b-to-b unit of Anglo-Dutch publisher Reed Elsevier, according to Reuters, which cited a German magazine as its source.
RBI was put on the block last February and had attracted several bidders. The potential value of the unit has been pegged at between $1.85 billion and $2.32 billion, according to The Guardian.
Among the companies reported to be interested in G+J is McGraw-Hill Cos. in alliance with private equity firms Quadrangle and Advent International.
Hamburg-based G+J is owned by media group Bertelsmann and publishes the weekly Stern and the women’s magazine Brigitte. RBI publishes such trade magazines as Publishers Weekly and Variety.