Forbes has received a $630 million valuation.
Forbes has hired Citigroup to sell at a price of at least the $630 million valuation declared in its earlier plan to go public.
Forbes announced on Tuesday that it is exploring the idea of selling the company.
After a previous deal to go public fell apart last year, the company has decided to try again.
In recent weeks, an offering document describing Forbes’s financials by Citigroup has been circulated to media companies.
Three people who have knowledge of the decision agreed to speak anonymously due to the matter’s discretion.
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According to the document, Forbes generated over $200 million in revenue and more than $40 million in profit in 2021.
The anonymous sources said Forbes is hoping to sell the company for at least $630 million. That is the valuation that the company declared when it moved to go public through a special-purpose acquisition company or SPAC. Forbes scrapped that plan this year, and it is unclear whether it can get that price now. Integrated Whale Media Investments owns a large percentage of the company.
Forbes was founded in 1917 by the Forbes family, and features articles on finance, industry, investing, and marketing topics.
Last year, Forbes said it reached more than 150 million people with its journalism, events, and marketing programs.
The Forbes family sold a majority stake in the company to Integrated Whale Media Investments in 2014.
Forbes publishes a print edition 8 times a year in the United States and has 45 licensed local versions covering 76 countries.
Those who control the media control the narrative.
Generally speaking, business publications have been hot targets for dealmakers because they attract wealthy advertisers and subscribers.
News Corp’s Dow Jones unit, which publishes The Wall Street Journal, acquired Investor’s Business Daily last year, citing the company’s growing research business.
Red Ventures, a private equity-backed digital-media company, acquired Bankrate, a financial-focused publisher, for $1.4 billion in 2017.
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ABOUT THE WRITER:
Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.
Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.
Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.
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