Forbes Media LLC, the closely held publisher run by former US presidential candidate Steve Forbes, is exploring a sale after getting interest from potential buyers.
The New York-based publisher of 96-year-old Forbes magazine and Forbes.com is working with Deutsche Bank AG on the sale, according to a memo sent to the company's employees. Forbes is seeking at least $400 million, said a person familiar with the matter who asked not to be identified as the information is private.
Magazine publishers are selling storied brands as they struggle with declines in advertising revenue and circulation amid competition from the internet. Newsweek, the 80-year-old publication, was sold to IBT Media in August by IAC/InterActiveCorp, and McGraw-Hill Cos sold Businessweek, which was founded in 1929, to Bloomberg LP in 2009. Maxim magazine, the bawdy men's title, was sold to Darden Media Group by its creditors in September.
The New York-based publisher of 96-year-old Forbes magazine and Forbes.com is working with Deutsche Bank AG on the sale, according to a memo sent to the company's employees. Forbes is seeking at least $400 million, said a person familiar with the matter who asked not to be identified as the information is private.
Magazine publishers are selling storied brands as they struggle with declines in advertising revenue and circulation amid competition from the internet. Newsweek, the 80-year-old publication, was sold to IBT Media in August by IAC/InterActiveCorp, and McGraw-Hill Cos sold Businessweek, which was founded in 1929, to Bloomberg LP in 2009. Maxim magazine, the bawdy men's title, was sold to Darden Media Group by its creditors in September.