The New Republic’s owners are weighing a sale of the money-losing magazine, according to a person with knowledge of the situation.
The investors, which include TheStreet Inc. co-founder Martin Peretz, Rothschild banker Laurence Grafstein and Pershing Square Capital Management LP head William Ackman, have hired Blackstone Group LP to explore a sale, said the person, who declined to be identified because the matter is private.
The New Republic, based in Washington, is published 20 times a year, and a possible sale would bring in less than $20 million, according to the person. The magazine, founded in 1914 to cover U.S. politics, foreign policy and culture, was once home to journalists Michael Kinsley and Hendrik Hertzberg and is currently edited by Richard Just.
The owners plan to reach out to companies such as News Corp. and Bloomberg LP, the Wall Street Journal reported earlier today. Bloomberg isn’t interested in buying the magazine, said Ty Trippet, a spokesman for the company. Mike Rancilio, the New Republic’s publisher, and Jack Horner, a spokesman for News Corp., didn’t immediately respond to calls for comment.
Bloomberg LP is the parent of Bloomberg News and competes with News Corp. units in providing financial news and information.