The US-based Newsmax Media announced a bid for Newsweek on Wednesday.
It said the bid was part of its plan to further diversify in the media but did not reveal how much it was willing to pay for the loss-making news magazine.
There is some speculation that Newsweek, which is known for its liberal outlook, may not be an exact fit for Newsmax which tends to hold conservative views. However, the American company has said it would retain Newsweek's identity if it bought the publication.
Newsweek's parent company, The Washington Post, put the publication up for sale in May. The magazine has been incurring losses since 2007 and is expected to continue to do so in 2010 as well. Its operating losses grew from $16.1m in 2008 to $29.3m last year.