Tag Archives: Forbes

Forbes power

Forbes boss expects sales news in a few weeks


Keith Kelly of the New York Post reports that Forbes chairman Steve Forbes expects an announcement about its potential sale within a few weeks.

Kelly writes, “The executive said he expected to hear news ‘in the next several weeks.’

Asked if he was happy with the price, since Ink had heard that it might be having a hard time fetching top dollar, Forbes responded rather cryptically, ‘Price? I like the price. I’m Scottish, so I like the price.’

“Then he was gone.

“Up to 50 members of the extended Forbes family may participate in dividing up the profits from the company started by Steve’s grandfather B.C. (Bertie Charles) Forbes.

“The founding Forbes immigrated to the US from Scotland in 1904 and, after holding a variety of financial journalism jobs, started the magazine in 1917. He held the Editor-in-Chief job until his death in 1954 — when it was turned over to son Malcolm Forbes, Steve’s dad.”

Read more here. Although Scottish, Bertie Forbes actually moved to the United States from South Africa

Forbes Stream

Forbes launches social media “stream”


Forbes on Monday unveiled “Stream,” a feature that allows readers to save, share and discover visual content from the magazine and Forbes.com, reports Gavin O’Malley of Media Daily News.

O’Malley writes, “Lewis DVorkin, Forbes Media chief product officer, said Stream is a response to two key trends that continue to redefine media: a shift toward content streams like those of Twitter and Facebook, and a shift away from text.

“‘The news experience and site navigation is moving away from home pages and article pages to streams — and from text-based streams to visual streams,’ DVorkin said on Monday.

“Stream should also please many an advertiser, DVorkin added. ‘Stream [allows] editorial content and eventually native advertising, always clearly labeled, to live together in ways that create an immersive environment for consumers.’

“Rather than existing in a social vacuum, however, Stream will also let readers share Forbes fare via Facebook, Twitter, LinkedIn, Pinterest, Tumblr, and Evernote as well as via email and iMessages.

“Recipients will see the visual clip from Forbes, which serves as a link back to the source of that content.”

Read more here.

Forbes Snapchat

Snapchat CEO and Forbes clash over cover story


The 23-year-old CEO of Snapchat criticized journalists on Twitter Monday morning, claiming that some details in a recent Forbes cover story about his startup were misreported, but Forbes responded hours later with a transcript from Spiegel’s interview with the story’s author, reporter J.J. Colao, essentially proving that Spiegel misled the publication during its reporting.

Kurt Wagner of Mashable writes, “The details in question were included in the story’s lead, and depicted an email exchange between Spiegel and Facebook CEO Mark Zuckerberg. In the story, Zuckerberg emailed Spiegel in late 2012 asking for a meeting to discuss the new startup. Spiegel’s response: ‘I’m happy to meet … if you come to me.’

“At least that’s what Spiegel told Forbes.

“Few people can pull off a demand like that, especially when speaking with the multibillionaire CEO of the world’s largest social network. And it turns out Spiegel is not, actually, one of those people.

“After a Business Insider reporter called Spiegel ‘arrogant’ after reading the Forbes article, Spiegel responded on Twitter by publishing the actual email chain between him and Zuckerberg from November 2012. The emails confirmed that Spiegel did not, in fact, set the terms for the meeting as originally described by Forbes. Instead, Zuckerberg simply had plans to be in Los Angeles a few weeks later, and the meeting was established during his trip.

“At first, it looked as if Forbes goofed — until the publication released a transcript of its interview, in which Spiegel ‘fabricated a story full of swagger,’ according to Forbes editor Randall Lane.”

Read more here.

Forbes home page

Forbes argues it should be valued as an online business


Forbes Media is trying to convince potential buyers that it should be valued as an online business, reports William Launder of The Wall Street Journal.

Launder writes, “People familiar with Forbes’ financial performance say that could prove a hard sell for a company that still has firm roots in a declining print advertising market.

“Forbes Media, publisher of Forbes magazine and Forbes.com, generated slightly less than $20 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, last year, people familiar with the company’s financial performance said. Forbes doesn’t disclose details of its financial performance; a spokeswoman says it is profitable and on track in 2013 for its best financial performance in six years.

“Given prevailing valuations for print and digital businesses such as those owned by Forbes, such earnings would put an about $200 million price tag on the company, one media banker said. That roughly is where several suitors, including traditional media companies, pitched first round offers that were reviewed this week, said a person familiar with the situation.”

Read more here.

Forbes home page

Outsourced content on Forbes is now outsourced


Erin Griffith writes for PandoDaily.com that the contributors who now provide most of the content on Forbes.com are now outsourcing the content they post.

Griffith writes, “A curious ‘interview request’ arrived in my inbox today: A Forbes contributor would like to include my opinions in his post about equity crowdfunding. I was flattered for a minute, but then I realized what was really happening here: An executive who has been given a journalist’s platform is now asking — through a publicist — for a journalist to do his work.

“I love the irony. Forbes has outsourced the production of content to non-journalists, who are now turning to actual journalists for content. And the topic? Crowdfunding. It’s a snake eating its own tail.

“Apparently I was chosen to do someone else’s work for them because a company called OurCrowd is publishing a study in which I’m included as one of the ‘Top 25 influential people in crowdfunding.’ That sounds dubious enough — I can think of maybe 100 people who are more influential around this topic than someone who has written a handful of articles about it.

“But anyway, since I am already in the study, the publicist writes, why not provide a few insights about crowdfunding? Insights like: what are my predictions for equity crowdfunding next year? And what tips would I offer investors interested in crowdfunding? You know, the kinds of questions I might ask actual experts if I were reporting a story on the topic. Oh, and once I’m done writing a chunk of the article, could I please help spread the word about it?

“This is what’s become of Forbes. By lending its brand to anyone who can string a few sentences together, Forbes’ contributor network is now little more than a platform for promotional marketing posts and unverified pontifications. (Some of which have paid to be there, via a product called BrandVoice.) It’s never clear when you click on a Forbes link whether you’re going to find useful, reliable information, or some random contributor’s self-promotional musings. Given that Forbes now has 1200 contributors, the odds of clicking on a story by one of the 45 or so staff writers Forbes employs is fairly low.”

Read more here.

Forbes cover 011612 #136BFC

Forbes names Roy as its opinion editor


Health policy expert and longtime Forbes contributor Avik Roy has been hired as opinion editor for Forbes, starting in January 2014.

He will direct a sweeping expansion of the company’s coverage of public policy and politics. To support this effort, Forbes plans to add an additional 75 to 100 contributors to its current roster of 1,200 contributing writers.

“For nearly 100 years, Forbes has been the champion of entrepreneurs,” Roy said in a statement. “Entrepreneurs have always understood the value of freedom and free markets, but they also share a passion for making the world a better place. I want to bring Forbes’ entrepreneurial vigor to opinion writing, by fostering a creative conservatism that is committed to expanding opportunity for those who least have it.”

Roy is currently editor and principal author of The Apothecary, the influential Forbes blog on health care policy and entitlement reform. MSNBC’s Chris Hayes calls The Apothecary “one of the best takes from conservatives on that set of issues.” Ezra Klein of the Washington Post calls The Apothecary one of the few “blogs I disagree with [that] I check daily.” Even the New York Times’ Paul Krugman says that “Roy is about as good as you get in this stuff: his tone is even, he actually knows something.”

In addition to his work at Forbes, Roy is also a senior fellow at the Manhattan Institute. In 2012, he served as a health care policy adviser to Mitt Romney. He is a frequent guest on television news programs, including appearances on Fox News, Fox Business, MSNBC, CNBC, Bloomberg, PBS, and HBO. Roy is a columnist for National Review Online, and his work has also appeared in The Atlantic, USA Today, National Affairs, and The American Spectator, among other publications.  Roy is the author of “How Medicaid Fails the Poor,” published in October by Encounter Books.

Read more here.

Forbes billionaires

Time Inc. drops out of race to buy Forbes


Time Inc. is not in the running to purchase business magazine Forbes, reports Keith Kelly of the New York Post.

Kelly writes, “The publishing giant has been rumored to be a top contender. Forbes was recently put on the block and Deutsche Bank, which is handling the deal, is said to be looking for a price of around $400 million.

“Several potential strategic buyers said it was more logically valued at about $210 million — although a bidding war could drive the price higher.

“Time Inc. Chief Content Officer Norm Pearlstine had made some favorable remarks about Forbes’ blogger network and other initiatives at a public form recently.

“In addition, he had worked briefly at Forbes during his salad days and knows Forbes Chief Product Officer Lewis DVorkin from their days as colleagues at the Wall Street Journal.

“On top of that, Fortune and Money will lose their tie-in with the CNNMoney website on May 31, when the joint venture dissolves along with the spin-off of Time Inc. from Time Warner, parent of CNN.”

Read more here.

Forbes website

How Forbes uses data to understand its content


Rachel Bartlett of Journalism.co.uk writes about how Forbes uses data to examine how its online content is attracting readers.

Bartlett writes, “It was three years ago when Forbes Media first introduced its own analytics platform. This powers, among other things, a public page view counter on online articles which is refreshed regularly, but at the beginning, this was not something everyone was happy about.

“‘When we started to do this, staffers would come into my office and ask me to stop counting the data in public because they were a bit embarrassed that maybe a post wasn’t viewed that many times,’ D’Vorkin told Journalism.co.uk.

“‘And I said no, we’re going to continue it, because you need to know how you’re doing and it’s transparent for the public as well. That’s very important.’

“The media outlet made the decision to build its own platform in an effort to support the production and publishing of content by its army of around 1,200 contributors, in addition to Forbes Media’s own journalists.”

Read more here.

Forbes scrolling streams

Foul balls and line drives at Forbes


Forbes chief product officer Lewis Dvorkin notes some of the business publication’s line drives and foul balls this year.

Here are a few:


Line Drive: Quality is stronger than ever, enforced by vigorous vetting and monitoring, updated newsroom management systems, data analysis and a Webinar education program. Contributors are making more money: 75 will top $45,000 for a freelance job, the average full-time reporter salary, according to the Bureau of Labor Statistics. Six will top $100,000. A branded contributor home page with easy access to archival posts was released on desktop, and FORBES Editors’ Picks on Google News.

Foul Ball: A contributor’s commitment to FORBES needs to rewarded in new and meaningful ways. A meetup schedule is required to foster a community feeling (the first was held in San Francisco last month). More #AskForbes chat/posts must also be arranged (we held 19, mostly with staffers). More verified Twitter people would be a plus, too (we’re now at 83, including staff and contributors). Additional income opportunities need to be developed. The ebook initiative that begins in January (24 will be published in 2014) is a start.

Payment Model:

Line Drive: The loyalty model (contributors get paid more for monthly repeat visitors) strengthened quality and increased compensation for our most dedicated contributors. Adjustments made to the incentive plan increased the scalability of the network.

Foul Ball: Consumer migration to mobile (smaller screens command lower ad rates) and the growth of longtail traffic (51% of monthly readers consume content that is more than a month old) signals that payment plans should better reflect mobile CPMs across content categories.

Read more here.

Forbes Bulgaria

Forbes to publish Portuguese edition for Africa


Forbes announced Wednesday the launch of its latest local-language edition, Forbes Portuguese Africa, in partnership with ZAP Publishing.

The first issue will be published in the second quarter 2014.

The majority of the editorial content of Forbes Portuguese Africa will be local, complemented by the remainder from the U.S. edition.  The Portuguese edition will be published bi-monthly, and distributed in Angola, Portugal, Mozambique, Cabo Verde, São Tomé e Princípe and Guiné Bissau.

“Everyone is aware of the valuable information provided by Forbes, and we are certain that Forbes will become the number one business magazine in Angola and African Portuguese speaking countries,” said ZAP Publishing’s Jorge Pereira in a statement. “It is our privilege to become a trusted partner of Forbes.’

Forbes has 31 licensed local editions around the world, including Africa, Afrique, Argentina, Armenia, Brazil, Bulgaria, China, Croatia, Czech Republic, Estonia, Georgia, Greece, Hungary, India, Indonesia, Israel, Kazakhstan, Korea, Latvia, Middle East Arabic, Middle East English, Mexico, Poland, Romania, Russia, Slovakia, Spain, Thailand, Turkey, Ukraine and Vietnam.