(Reuters) -Forbes said on Tuesday it was exploring a sale of its business and had hired Citigroup to manage the process, months after it pulled out of a deal to go public through a special purpose acquisition company (SPAC). "There were many interested parties, so we moved forward with a formal sale process and Citigroup was hired to manage this process," a Forbes spokesperson said in an emailed response. Details including the enterprise value Forbes was seeking and a timeline for the sale were not disclosed. Forbes generated more than $200 million in revenue and over $40 million in profit in 2021, the report said. In June, Forbes sought to terminate its $630 million deal with former Point72 executive Jonathan Lin-led special purpose acquisition company (SPAC) Magnum Opus to go public.

Source: Forbes August 02, 2022 19:12 UTC