Lachlan Murdoch, the oldest son of media mogul Rupert Murdoch, is close to a joint offer for a group of trade magazines, including Billboard and The Hollywood Reporter.
The offer for the bulk of Nielsen Business Media could be announced as early as this week.
Murdoch's investment company Illyria is bidding with Pluribus Capital Management, a new group that includes James Finkelstein, the U.S. publisher of The Hill and Who's Who, Matthew Doull, former publisher of Wired, and George Green, former publisher of Hearst International.
The two groups will invest equal sums and be equally represented on the board.
Nielsen Business Media, Illyria and Pluribus could not be immediately reached for comment, according to Reuters' report.