IDG to explore sale of company, brings on Goldman Sachs
The Boston Herald reported this weekend that tech publisher IDG had the investment bank Goldman Sachs in order to explore a sale. The move comes two years after the death of IDG’s founder Patrick McGovern.
“In response to certain operating requirements of the foundation, IDG’s board of directors has retained Goldman Sachs to map out the company’s strategic options,” spokesman Josh London told the newspaper. “Our goal is to determine the optimal future balance between what’s best for IDG and Pat McGovern’s mission for the foundation.”
IDG was founded in 1964 as International Data Corporation in Newtonville, Massachusetts. Currently headquartered in Boston, IDG continues to own such media brands as PC World and InfoWorld.
In 2014, IDG shuttered the print edition of Macworld, though the magazine maintains a web presence. In 1985, IDG launched the Macworld trade show, which it ran for 30 years. The event struggled after Apple announced in 2008 that it would no longer attend as the timing of the event did not correspond to the company’s product launch cycle. For years Apple’s CEO would use the event to make product introductions, the last important one coming in 2007 when Steve Jobs unveiled the iPhone.