Forbes Media has narrowed to six the potential buyers for its eponymous business magazine in an auction that could fetch it as much as $475 million, reports Ed Hammond of the Financial Times.
Hammond writes, “The six remaining bidders, which include both strategic and trophy buyers, made preliminary offers ranging from $350m to $475m and are expected to present final bids by the end of this month, according to the people. Those bids could be revised down following due diligence, however.
“Forbes Media, which is privately owned by the heirs of BC Forbes, who founded the publication in 1917, said in November that it had appointed Deutsche Bank to ‘test the waters’ by running a sale process.
“The 66-year-old Steve Forbes is chairman of the company and editor in chief of Forbes magazine, and grandson of the founder.
“The news publishing industry has endured a tough period, marked by declining advertising revenues, falling circulation and the proliferation of non-traditional media platforms. As a result, several high profile titles, including BusinessWeek, Newsweek and Maxim, have been sold during the past three years, often for little money.”
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