Forbes Chairman and Editor-in-Chief Steve Forbes is apparently willing to take a 20 percent stake in the company after a sale to new owners, a well-placed source tells Media Ink.
That could have the effect of lowering the out-of-pocket costs to potential suitors.
According to the Financial Times, second-round bids prior to serious due diligence were in the $350 million to $475 million range — considered amazingly pricey by most potential buyers in the US.
The list of suitors, however, is dominated by bidders from Asia, where the Capitalist Tool and its rich lists are closely watched and the Forbes brand enjoys a better reputation than it does on the home front. Said one source of the deep-pocketed Asian suitors, "They are looking to gentrify their money."
"This is a brand that will need lots of continuing investment to achieve a further global footprint, and the ability to conserve some cash going in, and then investing, could help the buyer," said Ken Doctor, an analyst who writes the Newsonomics column for the Nieman Journalism Lab.
The list of suitors, according to the Wall Street Journal, includes two Chinese investment companies, Fosun International Ltd. and Whale Capital Group, and two Singapore-based groups, Spice Global and private-equity firm Oxley Group.
The president of Forbes' conferences business, Jack Laschever, is leading an investment group and, surprisingly, is the sole US-based bidder.
Cash rich Axel Springer, from Germany, is the only big publisher in the hunt.
Doctor recently revealed the numbers contained in the sale prospectus, which showed Forbes Media with only $137.4 million in revenues in 2012 and a profit of $15.3 million.
A Forbes spokeswoman declined to comment on the process — but a family member is said to be "livid" that the number became public, as it did on Steve Forbes' alleged interest in keeping a big minority stake.
The Forbes family currently owns about 55 percent of the company, with Elevation Partners, which bought its stake in pre-stock market crash 2006 for about $240 million, holding 45 percent.
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