Forbes is denying reports that Onexim Group, a private equity firm founded by Russian millionaire Mikhail Prokhorov, is set to buy the business magazine and its associate properties.
"Forbes absolutely denies this rumour and has no knowledge of the source," says the firm. "Forbes Russia is also not for sale to this group."
Earlier this week, Yakov Sadchikov, CEO of search engine Quintura, translated Russian news reports revealing Onexim's plans to acquire Forbes as part of its push into new media. Although Onexim focuses mainly on the mining, energy and nanotechnology industries, it recently financed the launch of Snob magazine and will soon launch Snob TV and mutimedia online portal Snob.ru.
Sadchikov did not say how much Onexim allegedly offered for Forbes, although bloggers estimate that Forbes Media, the company's online division, is worth between USD625m and USD750m.
However, earlier reports that Forbes will shut down or merge some operations are true. The company is laying off 43 employees this year and has shut down Forbesauto.com, as well as its conference division. It is also integrating its sales and marketing divisions and will merge its digital and print newsrooms next year.
StrategyEye's related companies: Onexim, Quintura, Forbes Inc.
