(Reuters) -Business news and information publisher Forbes said on Wednesday it has entered into “exclusive discussions” with an investor consortium for the sale of the company.
The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company (SPAC). In August, it said it hired Citigroup (NYSE:) to manage the sale.
The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal.
Forbes had been seeking at least $800 million in a sale, The New York Times reported earlier on Wednesday, citing two people familiar with the matter.
However, the final deal price would likely be less than that, the report added.
Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. Founded by B.C. Forbes in 1917, it has long championed capitalism and entrepreneurship and is known for its annual list of the world’s wealthiest people.
The company has been undergoing a digital transformation amid declining print revenue. It has been doubling down on expanding key franchises like Under 30 and live events, most of which have become virtual during the COVID-19 pandemic. It says its digital platform now reaches more than 140 million people with its 49 global editions.
