Categories: OLD Media Moves

Forbes has six bidders who could pay up to $475M

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.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

Recent Posts

CNBC taps Sullivan as “Power Lunch” co-anchor

CNBC senior vice president Dan Colarusso sent out the following on Monday: Before this year comes to…

7 hours ago

Business Insider hires Brooks as standards editor

Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm excited to share…

7 hours ago

Is this the end of CoinDesk as we know it?

Former CoinDesk editorial staffer Michael McSweeney writes about the recent happenings at the cryptocurrency news site, where…

22 hours ago

LinkedIn finance editor Singh departs

Manas Pratap Singh, finance editor for LinkedIn News Europe, has left for a new opportunity…

2 days ago

Washington Post announces start of third newsroom

Washington Post executive editor Matt Murray sent out the following on Friday: Dear All, Over the last…

3 days ago

FT hires Moens to cover competition and tech in Brussels

The Financial Times has hired Barbara Moens to cover competition and tech in Brussels. She will start…

3 days ago