Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Forbes enters into exclusive buyout talks with investor group

Published 11/09/2022, 06:06 PM
Updated 11/09/2022, 06:30 PM
© Reuters. FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo

(Reuters) -Business news and information publisher Forbes said on Wednesday it has entered into "exclusive discussions" with an investor consortium for the sale of the company.

The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company (SPAC). In August, it said it hired Citigroup (NYSE:C) to manage the sale.

The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal.

Forbes had been seeking at least $800 million in a sale, The New York Times reported earlier on Wednesday, citing two people familiar with the matter.

However, the final deal price would likely be less than that, the report added.

© Reuters. FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo

Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. Founded by B.C. Forbes in 1917, it has long championed capitalism and entrepreneurship and is known for its annual list of the world's wealthiest people.

The company has been undergoing a digital transformation amid declining print revenue. It has been doubling down on expanding key franchises like Under 30 and live events, most of which have become virtual during the COVID-19 pandemic. It says its digital platform now reaches more than 140 million people with its 49 global editions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.