Russian Billionaire's Firm Not Buying Forbes, Says Forbes
Russian private equity firm Onexim -- founded by billionaire Mikhail Prokhorov -- is rumored to be buying Forbes, according to Russian news reports translated by Yakov Sadchikov, CEO of Web search firm Quintura.
Sadchikov is Russian, so we assume his translation is accurate. But we have no idea how accurate the Russian publications are, or how far along they say the sale is.
Forbes' holdings include Forbes magazine, Forbes.com, Investopedia, and a stake in RealClearPolitics. We assume the Forbes brothers' real estate holdings and Highlander yacht wouldn't be included in any sale.
How much would Forbes sell for? In August, 2006, private equity firm Elevation Partners bought a 40%-plus stake for a reported $250 million to $300 million, suggesting a valuation around $625 million to $750 million at the time.
Forbes is in the process of integrating sales and marketing across its magazine and Web groups, and will integrate its newsrooms next year. The company recently gutted its ForbesAutos.com, ForbesTraveler.com, and conference groups.
Disclosure: I previously worked for Forbes.com.
"In August, 2006, private equity firm Elevation Partners bought a 40%-plus stake for a reported$250 million to $300 million, suggesting a valuation around $625 million to $750 million."
Suggesting? Top what nut?
Valuations of everything have come down 40-50% -- or more -- ince ASugust 2006
Forbes main business is still the magazine, and uh, are print franchises really holding their valuations?
If -- if -- this rumor has any legs, it is a massive recapitalization, where Elevation will also pony up some $$$, if for no other reason than to avoid embarassment (what were they THINKING?).
Is this yet more SAI sycophantish behavior, kissing the butts of forrbes and elevation and former bosses? Or is this just lazy poor reporting?