Bain closing in on Reed pubs


The Sunday Times of London reported that TPG has pulled out of the bidding for Reed Business Information, which Reed Elsevier is trying to divest. That leaves Bain Capital as the most likely buyer of the trade publications, including Variety, Broadcasting and Cable, Multichannel News and Publishers Weekly, although a second private equity firm, Apollo, is believed to be still in the bidding. The price tag is expected to be around $1 billion, about half of what had been expected when the sale process began in February.