Bloomberg News's Edmund Lee, Alex Sherman and Jeffrey McCracken report that Forbes Media is exploring the sale of its magazine and website, the company said in a memo to employees.
"As a result of your tremendous work, we have received more than a few "over the transom" indications of interest to buy Forbes Media. The frequency and serious nature of these overtures have brought us to a decision point. We're organizing a process to test the waters regarding a sale of Forbes Media. We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors," Forbes' CEO Mike Perlis said in the internal memo posted by Capital New York.
According to Bloomberg News, Forbes wants at least $400 million.
The bi-weekly finance/investing magazine has been around since 1917. The publication is well-known for its lists ranking the richest people in the U.S. and the world.
For the six months ended June 30, 2013, Forbes' magazine had an average circulation of 932,884, according to data compiled by the Alliance of Audited Media.
We put in a call to Forbes and will update when we hear back.