Post by The Ultimate Nullifier on Nov 15, 2013 11:21:40 GMT -6
The owners of Forbes magazine are preparing for a potential sale.
Forbes Media has enlisted Deutsche Bank to field offers for the company, president and CEO Mike Perlis said in a memo to staff. The publisher is looking for a $400 million offer, according to Bloomberg.
"As a result of your tremendous work, we have received more than a few 'over the transom' indications of interest to buy Forbes Media," Perlis stated. "The frequency and serious nature of these overtures have brought us to a decision point. 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."
Forbes Media previously sold a 45 percent stake to private equity firm Elevation Partners in 2006.
The media company, founded in 1917, has recently been aggressive in experimenting digitally with sponsored content and a contributor network.
More to come.
The full memo is below:
So much has been accomplished recently, and we're very much in the spotlight these days. We're seen as innovators with extraordinary business momentum. This year is expected to mark our best financial performance in the last six years, strengthened by revenue growth in digital as well as licensing and conferences. As a result of your tremendous work, we have received more than a few "over the transom" indications of interest to buy Forbes Media. The frequency and serious nature of these overtures have brought us to a decision point. 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.
I'm proud to say that we've accomplished what no other traditional media company appears to have done: established a huge digital audience by efficiently creating quality content at scale, and we're innovating around new business models to maximize that relationship. In the last three years, our unique visitors to Forbes.com have jumped from 12 million to 26 million, according to comscore worldwide. Digital revenues are expected to increase over 25% by the end of the year. In print, through September, we continue to be the share of market leader in our competitive set. Our efforts have also focused on diversifying our revenue streams to complement our advertising-based businesses - and many of our initiatives have come to fruition this year.
I will share more details about the interest in our company as events unfold; however, I was eager to inform you before you hear about this news elsewhere. If you receive any inquiries from the press, forward them to Mia Carbonell in Corporate Communications.
We will have an open conversation about our company at our next Town Hall meeting early next year.
Best,
Mike
Forbes Media has enlisted Deutsche Bank to field offers for the company, president and CEO Mike Perlis said in a memo to staff. The publisher is looking for a $400 million offer, according to Bloomberg.
"As a result of your tremendous work, we have received more than a few 'over the transom' indications of interest to buy Forbes Media," Perlis stated. "The frequency and serious nature of these overtures have brought us to a decision point. 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."
Forbes Media previously sold a 45 percent stake to private equity firm Elevation Partners in 2006.
The media company, founded in 1917, has recently been aggressive in experimenting digitally with sponsored content and a contributor network.
More to come.
The full memo is below:
So much has been accomplished recently, and we're very much in the spotlight these days. We're seen as innovators with extraordinary business momentum. This year is expected to mark our best financial performance in the last six years, strengthened by revenue growth in digital as well as licensing and conferences. As a result of your tremendous work, we have received more than a few "over the transom" indications of interest to buy Forbes Media. The frequency and serious nature of these overtures have brought us to a decision point. 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.
I'm proud to say that we've accomplished what no other traditional media company appears to have done: established a huge digital audience by efficiently creating quality content at scale, and we're innovating around new business models to maximize that relationship. In the last three years, our unique visitors to Forbes.com have jumped from 12 million to 26 million, according to comscore worldwide. Digital revenues are expected to increase over 25% by the end of the year. In print, through September, we continue to be the share of market leader in our competitive set. Our efforts have also focused on diversifying our revenue streams to complement our advertising-based businesses - and many of our initiatives have come to fruition this year.
I will share more details about the interest in our company as events unfold; however, I was eager to inform you before you hear about this news elsewhere. If you receive any inquiries from the press, forward them to Mia Carbonell in Corporate Communications.
We will have an open conversation about our company at our next Town Hall meeting early next year.
Best,
Mike