Forbes wants to sell American Heritage
The New York Post’s Keith Kelly is reporting that Forbes has put its American Heritage magazine on the block.
Kelly wrote, “The magazine is down a dozen employees who have been promised jobs elsewhere in Forbes, said a spokeswoman.
“Timothy Forbes, the chief operating officer of Forbes Inc., said the company expects to see a headcount increase in the current fiscal year, probably in the 40-to-50 person range. ‘It will be mostly on Forbes.com but also some marketing and editorial,’ he told Media Ink.
“American Heritage has a storied history. It was started by McGraw-Hill then sold to a private individual, Samuel Reed, who subsequently sold it to Forbes.
“Forbes recently received a big infusion of cash from Elevation Partners, which is backed by U2 front man Bono, high-tech investor Roger McNamee and others who are keenly interested in revving up the company’s fast-growing Internet side.
“American Heritage, however, was not included in the Elevation Partners deal and remained solely under the Forbes family ownership. AdMedia Advisors have been retained to shop the magazine.”
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