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. Details including the enterprise value Forbes was seeking and a timeline for the sale were not disclosed. A report from the New York Times, which was the first to report the news, said Forbes was seeking to sell at a price of at least $630 million. 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 Magnum Opus to go public.

Source: Forbes August 02, 2022 18:26 UTC