Another old print bastion is on the verge of a sellout. According to various media reports, Forbes Media, which publishes the Forbes magazine, is seeking a buyer. The company is expecting $400 million from the sale.
Founded in 1917 by BC Forbes, Forbes magazine is among the most powerful names in business journalism and is best known for its annual billionaire and power lists.
As per media reports, in a mail to the Forbes staff, Michael Perlis, CEO, Forbes Media had stated that the company has received “more than a few ‘over the transom’ indications of interest to buy Forbes Media”. Incidentally, Perlis is the first non-member to run the Forbes family-owned 96-year-old business magazine.
According to a Bloomberg report, Forbes has hired Deutsche Bank to represent the company in the sale and expects interest from “numerous suitors”.
A New York Times report quoted a person familiar with the sale process stating that Forbes Media is expected to generate at least $400 million from the sale.
Meanwhile, Time Inc is being touted as among the potential buyers for Forbes after Forbes Media executives were seen at the Time headquarters.