Forbes Family exploring options to Sell Magazine
The company which was founded by financial newspaper columnist B. C. Forbes in 1917 is thought to be exploring options for a way out. Forbes Media's U. S. advertising sales were $275 million last year, which has slipped 19 percent since 2008.
The prominent media family, the Forbes family is looking into the sale of its magazine title and Web publications. This action has brought the family into limelight and they have become the latest prominent media family to bow to the conditions of an industry in mayhem.
The year 2010 saw, Steve Forbes and his brother Tim Forbes step down from the business side giving way to Perlis take over the seat of the CEO and the first-ever outside executive to run the company. Steve Forbes remained editor in chief and chairman of the company though and still has a column to his credit.
Though the company follows signs of digital growth at Forbes Media, best known for its rankings of wealthy individuals yet a sale for an estimated $400 million to $500 million still holds good and has been acknowledged by its founding family that a traditional publishing business is a tough one to turn around.
Mike Perlis, the Chief Executive, on Friday said in a message to employees, that the company had hired Deutsche Bank to look at prospective bailout of the company.
New Zealand News
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