The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. "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 18:51 UTC