Joe Mansueto, the mutli-billionaire founder of mutual-fund researcher Morningstar, is rumored to be looking at Forbes Media.
Reached via email, he declined to comment on Forbes.
He’s no stranger to the publication, since he was listed as the 260th wealthiest person in America on the most recent Forbes 400 list, with an estimated net worth of $2.1 billion.
Mansueto would fit the profile of other moguls who have snapped up struggling print properties, including Jeff Bezos, who bought the Washington Post for $250 million, and Boston Red Sox owner John Henry who bought the Boston Globe for $70 million.
Despite Forbes Media’s digital growth and 20 percent of ad revenues coming from so-called native advertising platforms, industry sources are betting it fetches far less than the $400 million that minority owner Elevation Partners and the Forbes family are said to be hoping for.
Mansueto already owns Fast Company and Inc. through his Mansueto Ventures. he sold his stake in Time Out Chicago but is among the investors in Wrapports which bought the Chicago Sun Times last year. On Wednesday he shook up the management ranks of Inc. Editor-in Chief Eric Schurenberg was given dominion over the business side and made president. Bob LaPointe, who had been publisher and president, was reassigned to VP of business development.
One source said LaPointe wanted to convert the magazine from a traditional one with paid circulation into a membership club built around conferences and seminars. LaPointe did not return a call, and Schurenberg through a spokesperson had no comment on internal strategy.