Time Inc. drops out of race to buy Forbes

Time Inc. is not in the running to purchase business magazine Forbes, reports Keith Kelly of the New York Post.

Kelly writes, “The publishing giant has been rumored to be a top contender. Forbes was recently put on the block and Deutsche Bank, which is handling the deal, is said to be looking for a price of around $400 million.

“Several potential strategic buyers said it was more logically valued at about $210 million — although a bidding war could drive the price higher.

“Time Inc. Chief Content Officer Norm Pearlstine had made some favorable remarks about Forbes’ blogger network and other initiatives at a public form recently.

“In addition, he had worked briefly at Forbes during his salad days and knows Forbes Chief Product Officer Lewis DVorkin from their days as colleagues at the Wall Street Journal.

“On top of that, Fortune and Money will lose their tie-in with the CNNMoney website on May 31, when the joint venture dissolves along with the spin-off of Time Inc. from Time Warner, parent of CNN.”

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