Forbes Media puts itself up for saleNovember 17, 2013 @ 12:29 pm
NEW YORK (AP) - The president and CEO of Forbes Media says the family owned magazine publisher has put itself up for sale.
In a Friday letter to employees, Mike Perlis said that Forbes Media has received "more than a few" indications of interest from potential buyers.
"The frequency and serious nature of these overtures have brought us to a decision point," Perlis said in his letter. "We're organizing a process to test the waters regarding a sale of Forbes Media."
As a result, the company has hired Deutsche Bank to represent it and help it explore its options. Perlis said the company expects "numerous suitors."
Like other magazine publishers, Forbes has dealt with the continued consumer and advertiser shift away from print publications.
But Perlis noted that this year is expected to be company's best financial performance in the past six years, helped by growth in digital revenue, along with licensing and conferences. He added that over the past three years the number of unique visitors to Forbes.com has grown to 26 million from 12 million.
Forbes Media, which is controlled by the Forbes family, includes Forbes magazine, which has covered wealth and finance since 1917. It's known for its annual lists of global billionaires and richest people in America.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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