Forbes magazine up for sale
In the email, Mike Perlis, CEO of Forbes Media and the first non-family member to run the 96-year-old business title, wrote: "We have received more than a few 'over the transom' indications of interest to buy Forbes Media." He added that the company would "test the waters" and had hired Deutsche Bank to represent the company in the sale.
One person with knowledge of the process said Forbes Media was expecting to generate at least $US400 million in the sale.
Forbes, once one of the most powerful news brands in business journalism, hired Mr Perlis in 2010 to help restructure the company after Steve Forbes' two presidential campaigns and the industry-wide shift to digital media wiped out much of the family's fortune.
Mr Perlis helped turn the company around by building a contributor network of 1200 bloggers and embracing native advertising, which involves using journalists to create marketing material. He also tried to build out other revenue streams, such as doubling the number of Forbes conferences and licensing its contributor network software. These moves helped Forbes Media attract attention from media executives on the business side.
In the email, Mr Perlis said Forbes.com now attracted 26 million visitors a month. Digital ad revenue has now surpassed print ad revenue, according to a person familiar with the company.
Frequently Asked Questions about this Article…
Forbes Media is up for sale because the company has received multiple expressions of interest from potential buyers. The decision to explore a sale is part of a strategic move to test the market and potentially capitalize on the interest shown by various parties.
Forbes Media is expected to generate at least $400 million from the sale, according to a person with knowledge of the process.
Deutsche Bank has been hired to represent Forbes Media in the sale process, helping to manage and facilitate the transaction.
Mike Perlis, the CEO of Forbes Media, helped restructure the company by building a network of 1,200 bloggers, embracing native advertising, and expanding revenue streams through conferences and licensing software. These efforts were aimed at revitalizing the company and adapting to the digital media landscape.
Forbes Media has adapted to the digital media shift by focusing on digital advertising, which now surpasses print ad revenue. The company also built a large contributor network and embraced native advertising to stay competitive in the evolving media industry.
Native advertising involves using journalists to create marketing material that blends with editorial content. Forbes Media uses native advertising as a strategy to generate revenue and engage audiences by integrating promotional content seamlessly into its platform.
Forbes.com attracts approximately 26 million visitors each month, highlighting its significant online presence and popularity among digital audiences.
Steve Forbes' presidential campaigns, along with the industry's shift to digital media, significantly impacted Forbes Media by depleting much of the family's fortune. This led to the need for restructuring and strategic changes within the company.
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