BusinessWeek Thinks Bloomberg Is Best Fit

NEW YORK (TheStreet) -- BusinessWeek executives think Bloomberg LP would be the best fit for the struggling magazine and parent McGraw-Hill (MHP Quote) apparently agrees.

McGraw-Hill is leaning toward selling BusinessWeek to Bloomberg, although another bidder could emerge with a higher offer, Reuters reports, citing a person familiar with the matter.

Any deal still could take weeks or fall apart because of depressed magazine advertising and uncertainty in the financing market, according to Reuters. A price for BusinessWeek couldn't be learned.

Private-equity firms OpenGate Capital and Platinum Equity are part of the bidding, as is ZelnickMedia, the investment firm owned by Take-Two Interactive (TTWO Quote)Chairman Strauss Zelnick.

McGraw-Hill considers news and financial data company Bloomberg as the best buyer for BusinessWeek because the two names are well-known financial media outlets, Reuters notes.

-- Reported by Joseph Woelfel in New York .

Follow TheStreet.com on Twitter and become a fan on Facebook.