Forbes Media hired Deutsche Bank to explore a sale of the financial publication. A memo issued to employees by Chief Executive Officer (CEO) Mike Perlis announced this on Friday. This was according to a report published by Reuters.

CEO Perlis said in the memo: "We're organizing a process to test the waters regarding a sale of Forbes Media. We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors."

Perlis said the company decided to hire the bank after it received serious offers for the company. According to a source familiar with the matter, Forbes Media could fetch USD400 million to USD500 million in a sale, the report said.

A Deutsche Bank representative refused to comment on the situation, the report added.

Steve Forbes is the current editor-in-chief and chairman of Forbes Media. The company is popular for its yearly rankings of high-net worth individuals, Reuters said.