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96-year-old Forbes magazine on sale over decline in AD revenue

New Delhi, Mon, 18 Nov 2013 NI Wire

Forbes has recently said that they are exploring options to sell 96-year-old Forbes magazine over decline in advertising revenue.

Forbes Media LLC, run by former US Presidential candidate Steve Forbes, is exploring selling after receiving interest from potential buyers.

Forbes is seeking at least 400 million dollars with the sale.

Forbes has hired Deutsche Bank to represent the company in the sale.

The report said that magazine publishers are selling storied brands as they struggle with declines in advertising revenue and circulation amid competition from the Internet.

B.C. Forbes founded Forbes magazine in 1917.

Recently, the 80-year-old publication, Newsweek , was sold to IBT Media, and McGraw-Hill Cos. sold Businessweek, which was founded in 1929, to Bloomberg LP in 2009, among others.

(with inputs from ANI)

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