Forbes Media is about to announce that it has reached an agreement to sell its building on Fifth Avenue in Manhattan to New York University. Terms of the deal were not disclosed, but Forbes will continue to occupy the building under a five-year lease back arrangement.
Like many other print media enterprises, Forbes has been struggling to come to grips with the flight of ads to the Web combined with an overall pullback in spending. The sale of the building is an effort to increase the liquidity of the company during rugged economic times.