Bloomberg L.P., the media and information company founded by Mayor Mike Bloomberg, is a surprise last-minute entry in the auction to buy BusinessWeek from the McGraw Hill Companies.
Mayor Mike’s company is now seen as the frontrunner, replacing Lazard boss Bruce Wasserstein, owner of New York Magazine and The Deal.
Bloomberg was approached about buying the magazine long before McGraw-Hill began the official auction process in July. The company passed, in part because the asking price was too high.
Bloomberg will have to work feverishly to make a formal offer. The deadline for bids is September 15.