One of the oldest names in the digital magazine space and among the top grossing distributors of content into the app ecosystem is exploring a sale or other strategic option. Zinio, owned principally by Fiji Water founder and hotel owner David Gilmour has enlisted investment bank Montgomery & Co. to look for a buyer, according to a report in CNNMoney.com.
The report contends the company is looking for a price of $50 to $100 million.
Zinio's global executive vp and cmo Jeanniey Mullen issued a statement to minonline confirming that the company was working with Montgomery & Co on strategic options, although it did not say specifically the company was for sale. According to Zinio, "Committed to growing the company, we have retained Montgomery & Co to facilitate capital raising strategies and discussions. While the company has been engaged in similar discussions in the past, Zinio has never had a stronger vision, strategy and roadmap to engage the right set of potential partners."