New York-based Forbes Media LLC owners are hoping to convince potential buyers that it should be valued like a fast-growing digital media business. Forbes Media is the publisher of Forbes magazine and Forbes.com.

Wall Street Journal, citing sources, said that Forbes Media generated slightly less than $20 million in earnings before interest, taxes, depreciation and amortization (EBITDA) last year. 

Given prevailing valuations for print and digital businesses such as those owned by Forbes, its EBITDA would put an about $200 million price tag on the company. That roughly is where several suitors, including traditional media companies, pitched first round offers that were reviewed this week, the report said.

But a WSJ source said that Forbes eliminated those bidders. Another source said that Forbes' owners, primarily the Forbes family, are hoping the company will fetch between $400 million and $500 million. Remaining parties in the auction are expected to submit new bids for Forbes Media next month, the report said.

Forbes Media's sales price needs to be well above $200 million for the Forbes family to recoup any money from the deal. Elevation Partners LLC, which acquired a significant minority stake in the company for $264 million in 2006, has the right to redeem its remaining interest in Forbes Media in 2016, WSJ wrote.