Bidding for Fortune/Money has been strong
The bidding to acquire Fortune and Money magazines from Meredith has been strong, reports Keith Kelly of the New York Post.
Kelly writes, “Sources say that bidding for the three has been surprisingly strong with the Fortune/Money combo and Time drawing bids close to $200 million each.
“First-round bids for all four titles landed May 11. Houlihan Lokey is handling the SI sale.
“That’s roughly the same early interest that SI was commanding by itself. Time, the onetime flagship, was said to be only marginally profitable, in the $2 million to $5 million range, but had the biggest digital audience of the trio.
“Fortune, with its big Fortune 500 issue and growing conference business, was seen as the jewel among the trio.”
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