Forbes has entered exclusive negotiations with a buyer, CEO Mike Federle told the staff in a company-wide email on Wednesday.
The memo, which was obtained by The Daily Beast and confirmed by three staffers, said the outlet’s negotiations with the buyer could take months to complete. It was unclear who the buyer was, but The New York Times described the buyer as an investor group. The company reportedly asked for an $800 million offer, though the price was much lower.
“The potential acquirer 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,” Federle wrote in the memo.
“As we’ve discussed, this is an exciting time to be at Forbes, and the continued investment interest we’ve seen in our company is a testament to the entrepreneurial spirit, hard work, and results that this team consistently delivers.”
The outlet had spent the summer searching for a buyer, an arrangement that came after its plans to go public through a SPAC offering collapsed in May. The company said in February its revenue has risen to $259 million in 2021, a 4o percent increase from the previous year.
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