Forbes magazine for sale: Will U2's Bono step into a bidding war ?
Forbes magazine, one of the few remaining great American news magazines, is up for sale. The publisher of the 96-year-old magazine - circulation around 925,000 - is working with Deutsche Bank on the sale, according to a memo sent to the New York company’s employees.
Steve Forbes: Presidential candidate
Forbes Media LLC, run by former U.S presidential candidate Steve Forbes, is exploring selling after receiving interest from potential buyers, said Bloomberg.The asking price is reportedly “ at least $400 million”.
One name in the frame is U2's Bono, already owner of a big chunk of the company. But there was no indication of interest from the pop star.
One of the magazine’s claims to fame is its publication of the annual list of the 400 richest Americans .
Commenting on the possible sale, rival magazine Bloomberg said magazine publishers have been struggling with declines in advertising revenue and circulation amid internet competition.
Newsweek, the 80-year-old publication, was sold to IBT Media in August by IAC/InterActiveCorp. McGraw-Hill Cos. sold Businessweek, which was founded in 1929, to Bloomberg LP in 2009.
Editions of Forbes are published in Asia and Europe. Its U.S. advertising sales were $275 million last year, down 19 percent since 2008, according to the Publisher’s Information Bureau.
Elevation Partners, which is run by Roger McNamee and backed by U2 lead singer Bono, paid about $240 million for about 45 percent of the company in 2006, according to one source.
B.C. Forbes founded the magazine in 1917.Under his son Malcolm, it did well, becoming a champion of capitalism and showcase for American wealth. Malcolm’s son, Steve, became president and chief executive officer of Forbes and editor-in- chief of the magazine in 1990. He twice ran unsuccessfully for U.S. president as a Republican candidate in the 1996 and 2000 primaries.