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Great news for my alma mater: According to Keith Kelly at the New York Post, Bloomberg L.P. has tossed its hat in the ring for BusinessWeek (MHP).

Until now, the outlook for BW was bleak. The only bidders on the horizon, except for Joe Mansueto, were private equity shops that would have unhesitatingly ripped the guts out of BW -- even more than its guts have been ripped out under its inept current management. Bloomberg might actually turn it into a viable magazine again.

But if I were still at BW I'd not rest easy. Bloomberg is a hard taskmaster.

Jon Fine weighs in at BW.com. (Might have been a tad more generous if he'd acknowledged that Kelly got there first.)

I didn't notice this earlier: Kelly said in the Post yesterday that Mansueto dropped out of the bidding. Bad news.

Source: BusinessWeek Moves Closer to Salvation