Murdoch set to make magazines bid

LACHLAN Murdoch is close to making a joint bid for trade magazines including Billboard and the Hollywood Reporter, the Financial Times reports.

LACHLAN Murdoch is close to making a joint bid for trade magazines including Billboard and the Hollywood Reporter, the Financial Times reported.

Mr Murdoch's Illyria Pty Ltd and bidding partner Pluribus Capital Management may announce their offer to buy most of Nielsen Business Media this week, the newspaper said on its website yesterday.

The two bidders planned to invest equally and seek board representation, the FT said.

Nielsen, the parent of Nielsen Business Media, was always seeking to dispose of assets that don't hit the mark, chief financial officer Brian West said this month.

John Connolly, an Illyria spokesman, said yesterday that the company did not comment on market speculation.

The Sydney-based investment firm last week bought a 50 per cent stake in Daily Mail and General Trust Plc's radio network in Australia.

Nielsen is said to be seeking $70 million for all of its titles.

Nielsen Business Media reported a 29 per cent decline in revenue in the three months ended September and an operating loss of $168 million, according to Nielsen's latest financial statements.

Nielsen was acquired by a group of private equity firms including Kohlberg Kravis Roberts, Blackstone Group and the Carlyle Group in 2006.

The company changed its name from VNU Group BV in 2007.

In 2008, Lachlan Murdoch scrapped plans for a $3.2 billion takeover of Australia's Consolidated Media Holdings.