Buying Newsweek just got a bit more complicated. Washington Post chairman Donald Graham nixed bids from two parties interested in Newsweek—conservative publisher Newsmax Media and hedge-funder libertarian Thane Ritchie—because they are not proper “stewards for the magazine,” according to The New York Times.
Last week bids from a partnership of two Chinese media companies were turned away by the company, according to Fortune. No real reason was given.
Having a huge pile of money to burn is not enough to buy the magazine. The buyer will have to have the right politics and intentions as well. And they shouldn’t be from China.
Sidney Harman and Fred Drasner are still in the hunt.
Bids for the magazine are due today at 5 p.m. to Allen & Co., which will host its annual conference for media bigs in Sun Valley next week.
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