NEW YORK: Interest in acquiring PR Newswire has intensified, according to a Sunday Times (of London) report and a source familiar with the situation.
Last week's Times reported that Apax was preparing a nearly $1 billion bid for the United Business Media (UBM) company. Both Peter Bancroft, director of communications for UBM, and a representative from Apax declined to comment on that news.Rumors of a sale have circulated for some time. The newswire is unique to UBM's other holdings, which include publishing and exhibitions companies.
According to the Times, UBM deputy CFO Andy Crow told a recent audience in Barcelona: "We have said for all our businesses, there are no sacred cows. If someone wants to come and write a massive check, then there you are."
A source told PRWeek that UBM recently got bids from up to four private-equity firms for PRN and declined them. Bancroft would not comment on this information.
This year alone, Business Wire was sold to Berkshire Hathaway, CCN Matthews acquired Market Wire, and NASDAQ purchased Primezone. Most recently, PRN itself purchased US Newswire from Medialink.
