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IDG, Owner of PCWorld and Research Firm IDC, in Advanced Talks To Sell Itself To Chinese Buyout Group: Reuters (reuters.com)
International Data Group, a pioneer in technology publishing and owner of such venerable names as PCWorld and the market research firm IDC, is in talks to sell itself for more than $1 billion to a Chinese investor group headed by IDG of Greater China chairman Hugo Shong, reports Reuters. From the report:The identity of the other investors in the group and the exact size of the deal could not be learned. The privately held company had been seeking a valuation of $500 million to $1 billion, according to the people, who did not want to be named because the matter is private. While the parties are in advanced discussions, no deal is finalized and talks could fall apart at any time, the people cautioned. IDG, based in Framingham, Massachusetts, declined to comment. Shong could not immediately be reached for comment. Founded in 1964, IDG has grown to be one of the largest global trade publishers, with hundreds of tech-focused websites and magazines. Its charismatic founder and longtime CEO, Pat McGovern, died two years ago.
Rather than some random Wall Street financial services company buying IDG, slapping some paint on it and reselling it three or four years down the road or just writing it off for tax purposes, Hugo Shong would actually have the best interests in mind for this hugely under-invested tech media giant. Shong was a protege' of IDG's founder Pat McGovern and founding general partner of IDG Capital Partners and chairman of IDG Greater China. His purchase of the company would basically be keeping it in the family. This is a good profile of Shong. Of course, this hinges on Trump not blocking this with his trade agenda.
Excuse me if I don't hold my breath till that one comes to fruition.....
Light travels faster than sound. This is why some people appear bright until you hear them speak.........