Forbes may target Europe

There
may be new competition in Europe soon for such
business publications as The Economist, Business Week and Fortune. Forbes, the
family-owned publishing company, is contemplating expanding into Europe, as
well as starting a new on-line service. It is looking for investors in its new
ventures. A company spokesman has declined to confirm – or even discuss – the
company’s plans, first reported here in Advertising Age .

Forbes , which has been
in the Forbes family since 1917, is a private company. Little is known about
its financial affairs. But it is believed to have assets of at least $l,000
million. Four years ago the magazine did scout for outside investors, but
nothing came of it. But now the climate, it’s felt, may be right for expansion.
Forbes Magazine, along with Business Week, Fortune and The Economist, are among
the most successful of the English language business magazines. The magazine
was founded in l917 by B.C Forbes, who ran it until his death in l954 when his son
Bruce took over. Then in 1964 by his son Malcolm. His son Steve took over in
1990 . Twice – in l996 and 2000 – Steve Forbes unsuccessfully ran for the US
presidency. He still owns 51 per cent of the business.