Forbes in ‘exclusive discussions’ with potential buyer after IPO flop
Forbes said it has entered into “exclusive discussions” with an investor consortium as it gears up to sell the media firm.
Although the value of the deal is not known, the consortium is made up of family offices and global investors.
“We have entered into exclusive discussions with an interested buyer for Forbes, which is a consortium of family offices and global investors that is strategically aligned with the Forbes executive team and our goals for growing the company,” a Forbes spokesperson said.
“The continued investment interest we’ve seen in our company is a testament to the entrepreneurial spirit, hard work, and results that our team consistently delivers.”
The news comes less than a year after the media giant axed plans to float in Hong Kong through a special purpose acquisition company (SPAC), citing “the deteriorating Spac market” as the main driver.
The media titan confirmed with City PM in August that it had hired Citigroup to manage the formal sale process.
It is not yet clear the exact timelines nor the price of the sale, but The New York Times, which first reported the news, suggested it would be at least $630m.
Forbes’ biggest rivals include Bloomberg News and Fortune.