OLD Media Moves

Forbes CEO’s memo to staff on possible sale

November 15, 2013

Posted by Chris Roush

Here is the memo that Forbes Media CEO Mike Perlis sent to the staff on Friday morning:

So much has been accomplished recently, and we’re very much in the spotlight these days.  We’re seen as innovators with extraordinary business momentum.  This year is expected to mark our best financial performance in the last six years, strengthened by revenue growth in digital as well as licensing and conferences.  As a result of your tremendous work, we have received more than a few “over the transom” indications of interest to buy Forbes Media.  The frequency and serious nature of these overtures have brought us to a decision point.  We’re organizing a process to test the waters regarding a sale of Forbes Media.  We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors.I’m proud to say that we’ve accomplished what no other traditional media company appears to have done: established a huge digital audience by efficiently creating quality content at scale, and we’re innovating around new business models to maximize that relationship.  In the last three years, our unique visitors to Forbes.com have jumped from 12 million to 26 million, according to comscore worldwide.  Digital revenues are expected to increase over 25% by the end of the year.  In print, through September, we continue to be the share of market leader in our competitive set.  Our efforts have also focused on diversifying our revenue streams to complement our advertising-based businesses – and many of our initiatives have come to fruition this year.

I will share more details about the interest in our company as events unfold; however, I was eager to inform you before you hear about this news elsewhere.  If you receive any inquiries from the press, forward them to Mia Carbonell in Corporate Communications.

We will have an open conversation about our company at our next Town Hall meeting early next year.



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