OpenGate drops out of BusinessWeek bidding-source

NEW YORK Oct 6 (Reuters) - Private equity firm OpenGate Capital has dropped out of the bidding for McGraw-Hill Cos Inc's (MHP.N) BusinessWeek magazine, a person familiar with the matter said on Tuesday.

OpenGate had put in a bid for the 80-year-old magazine last month, along with Bloomberg LP, ZelnickMedia and Boston Properties Inc (BXP.N) co-founder and New York Daily News owner Mort Zuckerman.

But another source told Reuters on Sept. 29 that BusinessWeek executives prefer a sale of the magazine to financial news and data provider Bloomberg.

A McGraw-Hill spokesman was not immediately available for comment. (Reporting by Anupreeta Das and Robert MacMillan; Editing by Gerald E. McCormick)