'Forbes' Is Close To Sale To Investor Consortium: Report

Forbes is nearing a sale to a group of investors, although the total is likely to be lower than the $800 million it sought, the New York Times reports. 

The news was confirmed by Forbes CEO Mike Federle in a memo to staff.  “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,” Mr. Federle wrote, according to the Times. 

In August, Forbes announced it was exploring a sale after it cencelled a plan to go public via a special purpose acquisition company (SPAC), with a valuation of $630 million.  

Forbes, founded as a magazine in 1917, it reported a 40% revenue increase YoY in 2021, the Times continues.





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