Deadline for Newsweek Bids


Bids for Newsweek were due at 5 pm eastern Thursday into Allen & Company, which is handling the Washington Post Company's sale of the troubled weekly magazine.

Newsmax Media confirms it made an official bid for the magazine — its official statement tomorrow — but apparently the Washington Post Companyhas rejected the conservative magazine.

“Newsmax Media made a serious bid to acquire Newsweek, which we believe is an extraordinary publishing property with great potential as both a print and online product. We will not be participating in the final bid process, but the company remains committed to its long term objective to diversify and expand into numerous distinct media brand offerings.”

Despite rumors that he was interested, Chicago hedge fund manager Thane Ritchie is confirmed not bidding. Sidney Harman, owner of audio and entertainment equipment company Harman Industries is expected to also make a bid.

So who's in the running? Fred Drasner, the former CEO of the Daily News and a co-owner of the Washington Redskins, is definitely making a bid

Another potential bidder is OpenGateCapital, which owns TV Guide, though the company hasn't returned phone calls for comment.

Questions? Comments?