THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.
Forbes magazine is planning to sell to a new owner. According to The New York Times, publisher Forbes brought in Citigroup to find a new owner for the asset.
Purchase offers were sent to major media holdings, three people familiar with the matter, including Yahoo, told the New York Times.
According to the publication, the owners of Forbes intend to fetch at least $630 million for it – the company was valued at this amount in May 2022, when it was preparing to go public. Whether Forbes will be able to find a buyer willing to pay such an amount is not yet clear, the NYT notes.
Forbes has announced plans to go public in the fall of 2021. The company was supposed to go public in August. However, these plans had to be abandoned due to weak investor interest, according to the NYT.
Forbes magazine, known primarily for its ratings of the richest, has been published since 1917. The publication was owned by the Forbes family until 2014, then a large share of the shares was sold to Integrated Whale Media Investments.
In addition to the publication for the US market, Forbes has 45 licensed versions, including in Russia.