Texas billionaire Robert Bass finally has put Robert Maxwell's media empire into play. An investor group led by Bass offered $1.2 billion for Macmillan and Official Airline Guides, the cornerstones of Maxwell's U.S. holdings. The British administrator handling the properties rejected the bid as inadequate. Now, media mavens are waiting for other long-rumored suitors to make their moves. Kohlberg Kravis Roberts' K-III is a leading candidate, as is British publisher Reed International. Bass insiders say they may decide to boost their offer after meeting with Maxwell creditors.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE