Forbes near deal to sell to investors

Forbes is in advanced talks to sell itself to a group of investors,  approaching a deal that would bring the chronicler of the wealthy and powerful under new ownership, reports Lauren Hirsch and Benjamin Mullin.

Hirsch and Mullin write, “Forbes had been seeking at least $800 million in a sale, but the final price will most likely be below that, according to two people familiar with the matter. The group of bidders includes investors from the United States and overseas, said Bill Hankes, the spokesman, on Wednesday.

“Mike Federle, the chief executive of Forbes, confirmed the talks in a memo to employees on Wednesday.

“‘The potential acquirer is a consortium of family offices and global investors that is strategically aligned with the Forbes executive team and our goals for growing the company,’ Mr. Federle wrote.”

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