Joe Mansueto, who owns Fast Company and Inc. magazines, is interested in acquiring Forbes, reports Keith Kelly of the New York Post.
Kelly writes, “Reached via email, he declined to comment on Forbes.
“He’s no stranger to the publication, since he was listed as the 260th wealthiest person in America on the most recent Forbes 400 list, with an estimated net worth of $2.1 billion.
“Mansueto would fit the profile of other moguls who have snapped up struggling print properties, including Jeff Bezos, who bought the Washington Post for $250 million, and Boston Red Sox owner John Henry who bought the Boston Globe for $70 million.
“Despite Forbes Media’s digital growth and 20 percent of ad revenues coming from so-called native advertising platforms, industry sources are betting it fetches far less than the $400 million that minority owner Elevation Partners and the Forbes family are said to be hoping for.
“Mansueto already owns Fast Company and Inc. through his Mansueto Ventures. he sold his stake in Time Out Chicago but is among the investors in Wrapports which bought the Chicago Sun Times last year.”
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