Report: Investcorp puts SourceMedia up for sale
New York—Private equity company Investcorp is putting b-to-b media company SourceMedia up for sale, according to a report in peHUB.
SourceMedia publishes American Banker, On Wall Street and The Bond Buyer, among several other print publications.
The report in peHUB, a website owned by Thomson Reuters that covers the M&A field, quoted a source as saying that SourceMedia's EBITDA has been falling and is now around $10 million. Another source was quoted as saying that the company will fetch around five-to-six-times EBITDA.
Investcorp acquired SourceMedia, known at the time as Thomson Media, for $350 million in 2004.
Since taking charge in 2010, SourceMedia CEO Doug Manoni has added several new groups at the company, including digital, marketing services, research and training, in an effort to balance digital-oriented revenue against the company's still-significant exposure to print advertising.
Investcorp and SourceMedia could not be reached for comment by deadline.