Forbes Media to sell for more than $400 million via Deutsche Bank

After almost 100 years with the Forbes family, Forbes Media is looking to sell for more than $400 million, and increase its digital presence.
Posted By Sonali Basak  |  Nov. 15, 2013 at 3:19 PM
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Nov. 15 (UPI) -- Forbes Media LLC is looking to sell after 96 years of ownership by the Forbes family. Deutsche Bank AG will be facilitating the sale, and the company sees no dearth of potential buyers.

The company is aiming to sell for $400 million. Forbes CEO Mike Perlis said in a company e-mail that there are "more than a few over the transom indications of interest"to buy the company.

U.S. advertising sales last year had fallen 19 percent since 2008 as most magazine publishers have seen increased trouble selling advertising. IBT Media recently bought out 80-year-old Newsweek, and Bloomberg LP bought out Businessweek in 2009. Time Warner is to spin off its Time, Inc. publishing arm, which publishes Money and Fortune magazines.

Forbes is the third most popular U.S. magazine, behind Money Magazine and Businessweek. It expanded its digital operations in recent years and is expected to see a 25 percent increase in digital ad revenue by the end of the year.

The site had 26 million unique visitors in the first 9 months of 2013. It's known for its profiles and rankings of wealthy individuals, and commentary on the business world.

Former Vice Presidential candidate Steve Forbes currently owns the company, which the Forbes family has owned since 1917.

[CNN Money] [Bloomberg] [India Times]

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