Los Angeles billionaire media investor Haim Saban said he may make a bid for Newsweek magazine, which the Washington Post Co. has put on the auction block.
Saban, in a Wall Street Journal interview, said he has received financial materials from the investment bank of Allen & Co., which has been hired by the Post to explore the possible sale of the newsweekly. He was told that there are 70 parties potentially interested in buying the publication.
Saban said he had looked into buying the magazine two years ago but was rebuffed by Washington Post Chairman Don Graham. Since then, Newsweek financials have worsened, with first quarter revenue down 36 percent to $29.4 million, largely from declining ad revenue.
"I would be remiss if I didn't look at it now, but the world has significantly changed in the last two years, and not for the better," Saban told the Journal.
Saban on Wednesday announced that his new Saban Brands unit at Saban Capital Group Inc. had reacquired rights to his Power Rangers franchise from Walt Disney Co. and planned to launch a Power Rangers TV series on Viacom Inc.’s Nickelodeon cable network.
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