Newsmax Reportedly Out As Newsweek Buyer

Newsmax, the conservative news outlet that had been in the running to buy Newsweek from The Washington Post Company, is reportedly out of the running, according to a New York Times story that states two potential suitors remain.

“The Washington Post Company, which put the magazine up for sale in May after efforts to stem its financial losses failed, has rejected overtures from the owners of Newsmax, the monthly conservative magazine, and Thane Ritchie, an Illinois hedge fund manager, according to people familiar with the bidding who spoke anonymously because the process is intended to be confidential," the Times reports today. “Two wealthy businessmen are moving ahead with their bids: Sidney Harman, the audio equipment magnate, and Fred Drasner, a former publisher of The Daily News of New York”

Newsmax had come under some criticism from Newsweek observers, including outgoing staffer Michael Isikoff, who told me it would not have been his “preferred buyer for Newsweek.”

Bids on the magazine are due today.