Forbes Media LLC, the closely held publisher founded by the family of former U.S presidential candidate Steve Forbes, is exploring a sale after getting interest from potential buyers.
The New York-based publisher of 96-year-old Forbes magazine and is working with Deutsche Bank AG on the sale, according to a memo sent to the company’s employees from chief executive officer Mike Perlis.
Forbes expects at least $400 million in the sale, said a person familiar with the matter. The company isn’t likely to fetch more than $200 million, another person said, asking not to be identified as the information is private.
Magazine publishers are selling storied brands as they struggle with declines in advertising revenue and circulation amid competition from the Internet.
Editions of the magazine are published in Asia and Europe. In the U.S., advertising sales were $275 million last year, down 19 percent since 2008, according to the Publisher’s Information Bureau.
