NEW YORK (The Deal) -- Advance Publications' M&A march continues with its auction of Parade Publications, whose Sunday news magazine has been a staple in papers around the country since 1941.
The auction, which was first reported by the New York Post, has attracted interest from Tribune Publishing (TPUB) and Warren Buffett's Berkshire Hathaway, according to sources familiar with the situation.
Though those people wouldn't speculate on a price, they said the auction remains ongoing.
Private equity firms may also be interested in the publication, these people said.
Gannett Co.'s publishing arm has already walked away from the process one person familiar with the situation said. McLean, Va.-based Gannett is currently in the process of spinning off its publishing business, separating it from broadcast and digital.
New York-based Advance Publications and Parade, did not respond to requests for comment. Chicago's Tribune and Berkshire Hathaway, of Omaha, Neb., also did not respond to requests for comment.
Tribune, which operates more than 60 newspapers, may remain in the running, as might Warren Buffett's conglomerate, according to industry observers.
Advance Publications, from a peak of nearly $8 billion in revenue in 2007, declined to almost $6.7 billion in revenue last year, according to Forbes.
While industry sources said it is not likely the Newhouse family will look to break up the company entirely or sell prized assets, like The New Yorker, part of its Conde Nast Publications Inc. unit. Still, the media company has been trimming print publications.
In August, Conde Nast sold Fairchild Fashion Media, a group of trade publishing assets that included Women's Wear Daily to Penske Media, reportedly for $100 million. The purchase price was a fraction of the $650 million Conde Nast paid Walt Disney (DIS) for the publications in 1999.