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Crovitz & ZelnickMedia Working On BusinessWeek Bid?

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Updated: BusinessWeek is reporting that former WSJ publisher and Dow Jones (NYSE: NWS) exec Gordon Crovitz is “teaming” with ZelnickMedia in a run for the magazine, citing “executives familiar with the matter.” It’s far more likely that he is advising Zelnick on a possible bid: Crovitz worked with Zelnick and PE firm Apollo Management during last year’s ill-fated Reed Business Information auction.

Is it wishful thinking given the concerns over being acquired by Bloomberg or private equity firm OpenGate Capital? ZelnickMedia was in the pre-bid chatter mix but BW has reported the investment firm didn’t submit a formal bid by the Sept. 15 deadline. It’s unclear to me at this point whether that’s accurate. If not, given that Bloomberg got an extension, if Zelnick, aided by Crovitz, is ready to make a bid, you’d think Terry McGraw would answer the phone.

A little oddly, BW writes of Crovitz seeking a second act to his days at Dow Jones: odd because Crovitz is an active co-founder of Journalism Online with Steve Brill and Leo Hindery, Jr., and is in the midst of ramping up for a promised beta launch this fall. I would be surprised if this involves an operating role should Zelnick wind up with BW — a board position, maybe, since serving on boards has been part of his work mix since leaving Dow Jones after it was acquired by News Corp.