No sale yet for Nielsen Business Media (NBM) but most of it is about two weeks away from being acquired by a consortium led by James Finkelstein’s News Communications, paidContent has learned from multiple sources. We have also learned that Lachlan Murdoch—yes, that Lachlan Murdoch— is considering joining the consortium. The parts being sold are the print and online, while events will be retained by Nielsen. Also, the sale doesn’t include all international territories. Magazines in the stable include some storied ones like Billboard, Hollywood Reporter, Adweek, Mediaweek, Brandweek, Editor & Publisher; the full list of brands here. Out of the media/entertainment properties, THR and the A/M/B combine are hemorrhaging money, but surprisingly, considering the shape of the music industry, Billboard’s revenues have held up, our sources says, primarily as a result of its diversification beyond the main print brand and licensing revenues. The bank representing Nielsen is Quayle Munro, led by John Wickersham—the former president and CEO of NBM.

News Communications owns The Hill and Who’s Who, and is controlled by chairman Jerry Finkelstein and his son, James, who is president and CEO. (The pending sale to News Communications was first reported by TheWrap.com, but some of the other information has not stood up—including the insistence that a deal was coming today.)

Other partners: The final configuration of the other partners in the mini-consortium of sorts is still being finalized, but we have confirmed two names of those involved: Matthew Doull, who is a partner at Pluribus Capital Management, and former associate publisher of Wired magazine (and also has been on the board of News Communications); and George Green, the former CEO of Hearst Magazines International who retired earlier this year. (Inside baseball: he is married to Jordan Edmiston Group founder Wilma Jordan; Jordan’s firm, in turn, is a banker on rival Reed Business’ ongoing sale process.)

The group is also talking to other investors, which is where Lachlan Murdoch comes in. Rupert’s eldest son, Lachlan shocked observers when he left News Corp (NYSE: NWS) in 2005. He remains on the board but is CEO of his own firm, Illyria, which he has been using to invest in sports, media and entertainment. The reasons for Lachlan’s interest in the NBM properties are slightly unclear, but at this point, he is seriously considering putting in money, our sources say.

Earlier this year Lachlan explained to an interviewer: “From a strategic investment view, we only look at media. We have some portfolio investments that we separate out, but what we spend 99 per cent of our time on is media.” He has a minority stake in Australian online DVD firm Quickflix and in an Indian Premier League cricket team.  He has been looking mostly at Australian media assets and earlier this year took a 9.1 percent stake in Prime Media Group. A high-profile deal last year to buy Australia’s Consolidated Media Holdings, which owns Nine Network, Foxtel and Australian Consolidated Press, washed out.

More as warranted.

• Report: Nielsen Mag Sale Could Come Friday
• Report: THR, Billboard, Adweek And More Being Sold To The Hill Owner?