OLD Media Moves

CFO magazine on the block

September 11, 2009

Jason Fell of Folio reports that The Economist is looking to sell CFO magazine.

Fell reports, “According to a pair of sources familiar with the process, the Economist Group has been in negotiations with a number of potential buyers, possibly since January. ‘It’s been a pretty well-guarded secret,’ one source who wished to remain anonymous told FOLIO:. ‘It’s been an informal auction process. They’ve been reaching out to people through third party groups.’
“Another source indicated that the Economist Group had retained the Jordan, Edmiston Group to broker a sale. When contacted by FOLIO:, a JEGI spokesperson declined to comment.

“An Economist Group spokesperson declined to ‘comment on rumors.’
“One of the interested parties, according to one source, was Stamford, Connecticut-based Asset International, which is backed by private equity group Austin Ventures. ‘They got pretty close to a deal this summer,’ the source said. ‘From what I understand, they had an agreement in principal but, with CFO’s falling revenues, the deal dissolved.'”

Read more here.

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