By Jennifer Saba
NEW YORK, June 30 (Reuters) - At least one party has lost interest in owning Newsweek.
An entity backed by Thane Ritchie said through a spokesman on Wednesday the group would not submit a final bid for the news weekly. The auction is expected to wrap up this week. Spokesman Justin Meise declined to say why Ritchie dropped out.
Ritchie, the chief executive of Ritchie Capital Management and his group was one of several potential Newsweek bidders that includes Newsmax Media and private equity firm OpenGate Capital.
The Washington Post Co put the troubled news weekly up for sale on May 5 citing several years of losses it expects will continue throughout the year.
The final bids for Newsweek are expected on Thursday.
(Reporting by Jennifer Saba; editing by Andre Grenon)
((Jennifer.Saba@thomsonreuters.com +1 646 223 6173; Reuters Messaging: jennifer.saba.reuters.com@reuters.com)) Keywords: NEWSWEEK/ (Visit http://blogs.reuters.com/mediafile/ for more coverage at the Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
NEW YORK, June 30 (Reuters) - At least one party has lost interest in owning Newsweek.
An entity backed by Thane Ritchie said through a spokesman on Wednesday the group would not submit a final bid for the news weekly. The auction is expected to wrap up this week. Spokesman Justin Meise declined to say why Ritchie dropped out.
Ritchie, the chief executive of Ritchie Capital Management and his group was one of several potential Newsweek bidders that includes Newsmax Media and private equity firm OpenGate Capital.
The Washington Post Co put the troubled news weekly up for sale on May 5 citing several years of losses it expects will continue throughout the year.
The final bids for Newsweek are expected on Thursday.
(Reporting by Jennifer Saba; editing by Andre Grenon)
((Jennifer.Saba@thomsonreuters.com +1 646 223 6173; Reuters Messaging: jennifer.saba.reuters.com@reuters.com)) Keywords: NEWSWEEK/ (Visit http://blogs.reuters.com/mediafile/ for more coverage at the Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.