So the BusinessWeek slaughter-fest continues. The PE firm OpenGate, which has its own set of troubles trying to save TV Guide magazine, has dropped out of the bidding race for the business mag, according to Reuters, citing sources. Also dropping out: Mort Zuckerman, which I think was never that serious a bid from him, troubled as he is with U.S. News and other properties. Thus remain two main bidders: Bloomberg, considered the favorite both inside and outside BW because of its media/biz heritage, and ZelnickMedia. Zelnick came into the bidding late in the process, and is working with advisor and former WSJ publisher and Dow Jones exec Gordon Crovitz on the bid.

If Bloomberg is the ultimate buyer, expect a lot of layoffs, including editorial, as a result. The biz giant already has the machinery running, both on the editorial and sales, and it is a matter of trying to figure out how “efficiently and cost effectively” to fit in BW the mag without too much baggage. More thoughts on the merged digital presence of Bloomberg.com and BusinessWeek.com in a separate post coming…

• Crovitz & ZelnickMedia Working On BusinessWeek Bid?