The publishing company that owns Forbes magazine and Forbes.com is looking into a possible sale and after receiving queries from potential buyers.
Forbes Media CEO Mike Perlis sent a memo to staffers announcing the decision Friday morning, according to Capital New York.
Forbes Media LLC, which is run by former GOP presidential hopeful Steve Forbes, seeking at least $400 million in a sale, according to an anonymous source cited by Bloomberg, which first reported the possible sale.
Forbes magazine was founded in 1917 by B.C. Forbes before being passed down to his son Malcolm and then the grandson, Steve. The magazine’s U.S. advertising sales dropped 19 percent from 2008 to 2012. Throughout the industry, magazine publishers are contending with declines in advertising revenue and print circulation.