Forbes Media,which publishes the Forbes magazine,best known for its annual billionaire and power lists,is up for sale and hopes to generate at least $400 million through the move.
Forbes Medias Chief Executive Officer Michael Perlis wrote in an email to staff that the company has received more than a few over the transom indications of interest to buy Forbes Media.
The frequency and serious nature of these overtures have brought us to a decision point. Were organising a process to test the waters regarding a sale of Forbes Media, said Perlis,the first non-member to run the Forbes family-owned 96-year-old business magazine.
Forbes has hired Deutsche Bank to represent the company in the sale and expects interest from numerous suitors. A New York Times report said that according to a person familiar with the sale process,Forbes Media is expected to generate at least $400 million with the sale. Time Inc is being touted as among the potential buyers for Forbes after Forbes Media executives were seen at the Time headquarters.
Founded in 1917 by B C Forbes,it is among the most powerful names in business journalism. The company hired Perlis in December 2010 to help restructure the firm and the current year is expected to mark the companys best financial
performance in the last six years.