Forbes Media CEO says exploring sale of company

Date:

US Forbes Media President and CEO Mike Perlis smiles during the Forbes Global CEO Conference in Kuala Lumpur(Reuters) – Forbes Media, which publishes the well-known financial magazine, has hired Deutsche Bank to explore a sale of the company, CEO Mike Perlis said in a memo to employees on Friday.

Thank you for reading this post, don't forget to subscribe!

“We’re organizing a process to test the waters regarding a sale of Forbes Media. We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors,” Perlis said in the memo, obtained by Reuters.

He said Forbes Media hired the bank after receiving “serious” overtures to buy the company. A source familiar with the situation said the company could sell for $400 million to $500 million.

A representative for Deutsche Bank declined to comment.

Steve Forbes, a former U.S. presidential candidate, is chairman and editor-in-chief of Forbes Media. The company is best known for its annual rankings of wealthy individuals.

The Forbes.com website had 26 million unique visitors in the first nine months of 2013, the publisher said on its website, citing the Internet technology company comScore.

(Reporting by Liana B. Baker; Additional reporting by Nicola Leske; Editing by John Wallace)

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:

Subscribe

Popular

More like this
Related

Patoranking celebrated as he becomes UNDP Regional Goodwill Ambassador for Africa

July 12, 2024. Azonuchechi Chukwu. Nigerian singer Patrick Nnaemeka Okorie, better...

Davido Launches Own Social Media Platform

July 12, 2024. Azonuchechi Chukwu. Nigerian musician David Adeleke, well known...

ECOWAS Single Currency Will Facilitate Free Trade -Uwaleke

July 12, 2024. Azonuchechi Chukwu. The President of Capital Market Academics...

ENDSARS: DJ Switch reacts to ECOWAS court judgment

July 12, 2024. Azonuchechi Chukwu. Activist DJ Switch has revealed that...
× How can I help you?