Bloomberg may buy Fortune magazine
Bloomberg LP is among the potential acquirers who have examined buying Fortune magazine, reports Alexandra Steigrad of the New York Post.
Steigard reports, “A Bloomberg spokesman declined to comment. Meredith said: ‘It is our policy not to comment on market rumors or speculation.’
“Despite the buzz about Bloomberg, insiders wondered how Fortune would fit into Bloomberg’s print portfolio, which includes rival Bloomberg BusinessWeek and Bloomberg Markets.
“Acquiring Fortune could help eliminate a competitor with a strong brand, one source mused. Perhaps best known for its Fortune 500 franchise, the magazine also hosts profitable live events, such as the ‘Most Powerful Women Summit’ and ‘Fortune Global Forum.’
“According to a Reuters report citing anonymous sources, Fortune and sister title Money raked in more than $20 million in 12-month earnings before interest, taxes, depreciation and amortization. Fortune’s going rate could not be determined.”
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