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 Media's 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. We're 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, the magazine is among the most powerful names in business journalism.