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Posts Tagged ‘Forbes Media’

Forbes Media Buyer Might Come from Far East

The bids for Forbes Media — which has been up for sale since last November — are all in, and word is that the frontrunners are both from the far East. According to Bloomberg News, China’s Fosun International, which publishes Forbes China, and Singapore’s Spice Global Investments, a diversified company, are both leading the pack.

Other potential buyers include Joe Mansueto, the billionaire founder and CEO of investment research firm Morningstar, and Germany’s Axel Springer, which publishes Forbes Russia.

Forbes wants $400 million for the company, and at least one media analyst believes that if an international buyer pays that much, it would be well worth it.

“Forbes used to just be a magazine, now it’s a worldwide business brand,” Ken Doctor, from Outsell Inc., told Bloomberg News. “How many people in their twenties and thirties are in emerging business markets — Asia, Africa, Latin America? That’s my sense of the great growth potential of the Forbes brand.”

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Lauren Berger Writes New Book for Young People Entering "Real World"

Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.

Morning Media Newsfeed: Net Neutrality Invalid | Poynter Losing Money | Forbes Moves to NJ

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Court Strikes Down FCC’s Net Neutrality Rules, Agency May Appeal (GigaOM)
An appeals court in Washington on Tuesday ruled that the FCC’s “net neutrality” rules, which prevent companies like Verizon from favoring some types of Internet traffic over others, are invalid. The 81-page ruling, which was decided by a 2-1 vote with one judge dissenting in part, has big implications for content providers, consumers and the future of the Internet. Bloomberg U.S. Circuit Judge David Tatel, writing for a three-judge panel, said that while the FCC has the power to regulate Verizon and other broadband companies, it chose the wrong legal framework for its open-Internet regulations. “Given that the commission has chosen to classify broadband providers in a manner that exempts them from treatment as common carriers, the Communications Act expressly prohibits the commission from nonetheless regulating them as such,” Tatel wrote. NYT Internet service providers are free to make deals with services like Netflix or Amazon, allowing those companies to pay to stream their products to online viewers through a faster, express lane on the Web, the judges ruled. Federal regulators had tried to prevent those deals, saying they would give large, rich companies an unfair edge in reaching consumers. But since the Internet is not considered a utility under federal law, the court said, it is not subject to regulations banning the arrangements. BuzzFeed For years, the net neutrality nightmare scenario was as follows: Carriers, such as Comcast, could charge different amounts for access to different tiers of the Internet. The basic tier might include email and basic browsing; the next could include Facebook and Twitter; the final tier could include Netflix, YouTube or Spotify. These tiers would be divided not by bandwidth or speed requirements, but by content type. The Internet would become a club with various VIP sections, arbitrarily laid out to benefit providers. Wired / Threat Level If the decision stands, broadband providers are likely to implement pay-to-play plans like the one AT&T announced last week — plans that many said violated, at a minimum, the spirit of net neutrality.

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Billionaire Joe Mansueto Interested in Buying Forbes

Joe Mansueto, the billionaire founder and CEO of investment research firm Morningstar, is eyeing Forbes. The New York Post reports that Mansueto, is considering purchasing Forbes Media, which went up for sale in mid November.

Mansueto seems like a likely candidate to purchase the company. His Mansueto Ventures already owns Inc. and Fast Company, so he’s clearly interested in the media world. Plus, though Forbes wants about $400 million for the company, experts told the Post it won’t get nearly that much.

Mansueto’s net worth is $2.1 billion according to, well, you know who.

Forbes Names Mark Howard Chief Revenue Officer

Forbes has promoted Mark Howard from senior VP of digital advertising strategy to chief revenue officer. Howard is succeeding Meredith Kopit Levien, who left to become the new executive VP of advertising for The New York Times.

“Meredith and Mark have been close partners in driving our revenue strategy and seizing opportunities in the two hottest trends in advertising — programmatic buying and native advertising,” said Mike Perlis, president and CEO of Forbes Media, in a statement. “Mark is one of the most knowledgeable people in the marketplace on native ads and, during his more than ten years at Forbes, has become well versed in what our brand stands for, selling print and digital, and the power of our content model and publishing platform.  We look forward to his continued leadership.”

Howard has been with Forbes since 2002. Prior to joining Forbes, he held sales roles at Inc. and Fast Company.

Fortune: Forbes is in Trouble

There are three things media companies really enjoy: 1) Breaking a big story, 2) Making money and 3) Getting dirt on other media companies. According to Fortune, it has a good amount of number three. To make it even sweeter, the dirt they have is about their biggest rival – Forbes.

In a piece in the August 15 issue of Fortune, Katie Benner says that documents exclusive to Fortune have revealed Forbes Media is in a lot of financial trouble:

Forbes Media violated covenants on a revolving credit line that it took out in 2006, according to a letter sent to the company by J.P. Morgan. The loan, which was part of a series of transactions that allowed the Forbes family to cash out more than $100 million from the company, is due next July.

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Mike Perlis Named President and CEO at Forbes Media

Mike Perlis was introduced today as president and CEO of Forbes Media. Company chairman and editor-in-chief Steve Forbes made the announcement.

“With the arrival of Mike Perlis, Forbes has been joined by someone who is a proven leader, with great successes in his impressive career. We are fortunate he will be leading the company as CEO, charged with taking a great brand to greater, expanded success,” Forbes said. ”Mike is a well-liked, known and admired force in our business. His experience, coupled with the range of arenas he has spent time in, are the ideal skills that Forbes demands in the days and years moving forward. He will be joining the company on December 1st.”

Perlis joins Forbes Media from SoftBank Capital, a venture capital firm focused on high growth internet based businesses, where he served as a General Partner.  He focused on content businesses including, Beliefnet, Huffington Post, Associated Content, and Buzzfeed.  Prior to joining Softbank, Perlis served as president and CEO of Ziff- Davis Publishing, president of TVSM and president of the Playboy Publishing Group.

Photo Credit: Walter Smith

More Changes To Come At Forbes?

forbeshq.jpgTwo weeks after selling its 60 Fifth Ave headquarters to New York University, Forbes Media may be planning to move its staff back into the prestigious building, according to Keith Kelly.

Last year’s move to 90 Fifth Ave, the home of Forbes magazine’s dotcom business, looked to combine the resources of the print and Web teams. But since then, the business magazine has dramatically slashed its staff and Forbes.com lost its CEO. As Kelly reported today, at the time of the move, Steve Forbes said the company had “outgrown its space.” So does a move back reflect how much Forbes has shrunk in the past year?

Another interesting tidbit from Kelly’s Forbes item today involved additional cutbacks at the magazine:

“The slide in ad pages at Forbes — they fell more than 30 percent last year — is prompting a change in the way the magazine is bound together. Instead of being glued together in a binding method known as ‘perfect bound,’ the pages will be stapled. It is a tacit acknowledgement that the magazine will remain slimmer for a longer period of time.”

We’ve reached out to Forbes for comment, but have yet to hear from them. If you have any info, send us an email or drop a tip in the anonymous box at right.

Read more: Forbes Staff ShuffleNew York Post

Previously: Forbes Layoffs Decimate Staff

Jay Leno To Reclaim 11:30 Slot?|Car & Driver SVP Leaves Hachette|Huffington Post Parody|Forbes Sells Building

TMZ: Rumors abound that NBC may be planning to bring Jay Leno back to 11:30 p.m. The New York Times adds that NBC execs haven’t denied the rumors.

Folio: John Driscoll, the SVP of Car and Driver and Road & Track is leaving Hachette Filipacchi.

Comedy.com: A Huffington Post parody.

New York Times: Forbes Media sells 60 Fifth Avenue building to NYU. The company will continue to lease space in the building.

Tribune Gets More Time|Hachette Moves|Forbes May Sell HQ For $55M|Two Memos|Daily Beast-ers “Happy As Clams”

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Los Angeles Times: Bankrupt Tribune Co. has been granted extra time to file its plan for reorganization.

New York Observer: Hachette Filipacchi is moving offices, from 1633 Broadway to smaller digs at the Time Life Building two blocks east.

New York Post: Forbes Media is still looking to sell its Fifth Ave HQ and may be close to a $55 million deal for the property that was first put on the market for $140 million in 2007.

Romanesko: Two memos: Gawker Media chief Nick Denton boasts about Web traffic while New York Times Co. Regional Media Group head Michael Golden informs staff that pay cuts made this year will remain in effect for 2010.

Reuters: IAC chief Barry Diller says the staff at The Daily Beast are “happy as clams.”

Amidst Shakeups, ForbesLife Promotes New Editor

Cover_November 2009.jpgDespite recent layoffs, Forbes Media is still moving forward.

ForbesLife, the bimonthly Forbes‘ spin-off focused on culture and lifestyle, has put Lorraine Cademartori at the helm of the publication in the role of executive editor. She has spent the previous 11 years as managing editor at the luxury magazine and worked as managing editor at Spy before that.

Who said luxury magazines were dead?

Full press release after the jump.

Previously: Forbes Layoffs Decimate Staff

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