Wasserstein takes a pass on ‘BusinessWeek’

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New York—The bidding for McGraw-Hill Cos.’ BusinessWeek closed at midnight Tuesday, and the occasion was marked by a number of developments.

Jon Fine, BusinessWeek’s media columnist, blogged that Bruce Wasserstein, who is a key owner of The Deal LLC and Penton Media, has dropped out of the bidding, as has Warburg Pincus. In addition, Fine reported that Bloomberg LP, a late entry to the process, may be given extra time for due diligence.

Fine also identified OpenGate Capital, ZelnickMedia, Platinum Equity and Joe Mansueto as potential bidders.

Elsewhere, The New York Times’ Media Decoder blog reported Tuesday that a memorandum from Evercore Partners, which is handling the BusinessWeek sales process, said plans are in place for the elimination of 85 BusinessWeek jobs, or 20% of its work force.

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