Forbes, the media outlet specializing in business and finance, is exploring the sale of its business and has hired Citigroup to handle the process.
In information released by Reuters, it is stated that Forbes recognized that it is for sale, so it hired the services of Citigroup as a banker to manage the operation among the possible interested parties.
The announcement is made months after Forbes withdrew from a agreement to go public through a special purpose acquisition company (SPAC).
The agency indicates that through an email a Forbes spokesperson indicated that “There were many interested parties”, so they are moving forward with a formal sale process and Citigroup will be the one to administer the process, although no information was revealed about the amount that the outlet wants to close the purchase.
However, the New York Times (NYT) had previously published that Forbes asks the me us $630 million dollars for his business.
According to the newspaper’s sources, in recent weeks Citi has circulated a offer document describing the finances of Forbes to companies in the media sector, including Yahoo.
Information indicates that Forbes generated more than $200 million in revenue and more than $10 millions in profits in 2021, which speaks of the profitability of the medium that annually makes the list of millionaires in the world and other rankings such as Forbes 200, with the most outstanding companies for their performance, sales, profits and assets.
Two months ago, Forbes tried to end their agreement of $630 million with Point72, the special purpose acquisition company (SPAC) Magnum Opus, to go out to bag. The decision came after the US Securities and Exchange Commission proposed new rules for the process, given the escalation of operations of this type during the pandemic.
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