LONDON (Brand Republic) - Troubled magazine group Future Network is understood to have attracted several potential bidders for its flagship US new-economy magazine Business 2.0, which is being sold as part of a major restructuring programme.
Publishers including Time, Conde Nast, Ziff Davis Media and Gruner+Jahr are understood to be interested in the magazine. Industry speculation has suggested that Conde Nast may buy the title to fold it into its pioneering digital technology magazine, Wired.
Business 2.0 is a rival to Haymarket Publishing鈥檚 digital title Revolution and Management Today. However, Haymarket has said that it is not interested in bidding for the magazine.
Future said last month that it would begin a restructuring of the business in a bid to stem profit loss. The sale of Business 2.0 was mooted at the time of the announcement, which will see the loss of 350 jobs and the closure of 20 titles.
The title is understood to have made revenues of £40m last year, although advertising sales for 2001 are expected to be lower this year because of a slowdown in the US economy which has affected publishers including Dow Jones, the New York Times Co and Knight Ridder.
Future is attaching a large price tag to Business 2.0, which it hopes could fetch as much as £100m, a figure that is two-thirds of Future鈥檚 market capitalisation. However, industry observers believe the title will fetch substantially less.
Business 2.0 launched in the UK last May.