Four Bidders Confirmed for Newsweek, Maybe More to Come

After yesterday’s deadline for nonbinding letters of interest, there are no fewer than four bidders for Newsweek.

Open Gate Capital, which bought TV Guide for $1 in 2008, has submitted a bid. TV Guide came with a loan from the seller, Macrovision, to help cover the cost of turning the title around.

Newsmax Media, a publisher of several conservative magazines that is looking to extend its brand, has also submitted a letter. The company has pledged not to impose its politics on Newsweek.

Thane Ritchie, the former Chicago Bear turned trader who made an unsuccessful bid on Sun Times Media last year, has been confirmed as a bidder.

David Carr reported on Monday that Mr. Ritchie was personally interested in the magazine and not acting on behalf of his investment group, Ritchie Capital Management. But Mr. Ritchie is not acting alone. According to the Financial Times, a company backed by Mr. Ritchie is bidding on the magazine.

Sidney Harman, the 91-year-old founder of Harman Kardon, is the fourth confirmed bidder.

Thomson Reuters has not yet submitted a bid, according to The Journal, although the company might partner on an offer down the line.

Haim Saban most likely did not submit an offer, according to The Times.

The magazine will probably go for a nominal sum, according to experts who spoke with FT.

Four Bidders Confirmed for Newsweek, Maybe More to Come