OLD Media Moves

NYT also reports Forbes seeking investors

May 8, 2006

The New York Times, following a story that Advertising Age broke last week, is reporting on Monday that Forbes is seeking an investor or investors to help it launch an attack in Europe. The Economist is currently the only business magazine that focuses on the continent.

Andrew Ross Sorkin writes, “An investment from an outsider could also be used to bolster Forbes’s existing publishing empire, which is expanding its newsletter and conference businesses. It is unclear what kind of investor the family is seeking. It has broached the subject with a variety of possibilities including private equity investors and publishers, the people close to the company said.”

Sorkin also notes, “The family sought to bring in an outside investor in 2002, only to shelve those plans when it could not find anyone interested in the terms being offered. Several venture capital firms are said to have invested in Forbes.com, its successful online outpost.

“The world’s media investors may be eager for another opportunity. Forbes magazine ranks with BusinessWeek, Fortune and The Economist among the strongest brands in the financial magazines and commands advertising revenue thought to exceed $250 million a year. It also has a well-regarded Web site and publishes authoritative lists of the richest people in the world.”

Read more here.

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