Four publishing firms have reportedly made offers for Times Mirror Magazines, publishers of such titles as Golf and Field & Stream.
The magazine arm was put on the market in June by Times Mirror’s new owner, Tribune, which intends to focus on its core areas of TV, the internet and newspapers.
The four firms in the bidding war are Time Warner, the New York Times, American Media and the UK’s Emap. The victor may have to pay out over $400 million to see of the others.
The magazine arm posted an operating profit of $19.2 million in 1999, but this rises to $25.9 million when the losses of the recently offloaded Sporting News are removed.
The auction may take several days to complete, and other bidders may yet throw their hats into the ring.
News source: Wall Street Journal