NEW YORK — An unannounced auction of the CBS magazine division has brought expressions of interest from at least eight U.S. and foreign publishing concerns and may culminate in a deal within days, publishing sources say.
Among the potential purchasers, they said, are a management group led by Peter A. Derow, recently dismissed president of the magazine unit; book publisher Harcourt Brace Jovanovich; German publisher Bertelsmann A.G.; Hearst Publications and Gannett Co. "Things are moving rapidly now," one source said.
A CBS spokesman declined comment on the report. A company source, while insisting that a sale is not likely, acknowledged that the company has listened to bids for the property.
Industry sources say the division could fetch between $400 million and $600 million. The magazine group publishes Modern Bride, Car & Driver, Woman's Day and Stereo Review.