Posted by Sheila Shayon on November 18, 2013 01:47 PM
Forbes Media is the latest victim of a dying print industry.
Perhaps best known for ranking wealthy individuals worldwide, Forbes is on the block for an estimated $400 million to $500 million in a sale being handled by Deutsche Bank. Former Republican presidential candidate Steve Forbes, who serves as editor-in-chief told employees on Friday that they’d received numerous inquiries about a sale.
The venerable, 96-year-old brand, founded by financial newspaper columnist B.C. Forbes in 1917, has been confronted by declining ad sales and dwindling profits as print-based media brands struggle to transform content, platform and purpose in a world wired 24/7.
B.C. Forbes was succeeded by his son, Malcolm, who was known for his expensive tastes including hot air balloons, Faberge eggs, Victorian art, real-estate and a motorcycle collection—all of which was sold off along the way, including Forbes’ longtime headquarters, which was sold to New York University in 2010. Forbes began making changes to its privately-held structure in 2006 to augment its digital presence by selling a 45 percent stake to Elevation Partners, the private equity firm co-founded and backed by U2 frontman Bono and Roger McNamee for close to $240 million.Continue reading...
close of business
Posted by Stephanie Startz on December 15, 2009 05:31 PM
Is it hot in here? Or is it just these car commercials? [Jalopnik]
TomTom slashes price on iPhone navigation app in wake of Droid. [DailyFinance]
Yahoo's "It's Y!ou" campaign drives internal adoption. [Business Insider]
Macy's, Amazon and Buy.com rated best e-tailer. [Consumerist]
Rumors abound, Editor & Publisher may get a second chance at life. [Gawker]
Posted by Abe Sauer on September 14, 2009 11:07 AM
The return of football (American Football!) means a new season of beer commercials. But so far this year, it seems only one brand, Bud Lite, is trying something new—and it's very, very unfortunate.Continue reading...