Fortune caused a stir with an article using leaked financial statements from Forbes Media showing how dire the company’s financial situation was in the recent past.
In an email to staffers obtained by All Things D’s Peter Kafka, Steve Forbes told his troops that the organisation that bears his name is on sound financial footing:
Fortune was aware that this was highly confidential, private information and of no value to release to the public. Though the intention is to harm our business, it will not adversely impact Forbes because it highlights a very difficult time in the past when all the media industry was going through unprecedented upheaval.
Forbes has the finest team – you – in the media world today. Forbes is profitable and is successfully navigating these extraordinarily turbulent seas. The company continues to grow and thrive with powerful new strategies and talent.
There seems to be truth to his statement. As the Fortune article is clear to note, Forbes Media seems to have weathered the storm. It posted a profit in 2010 and should continue to do so.
So, going forward, the outlook is positive. Still, some staffers who suffered through the tough times during 2006-2009 can’t be happy at the revelation the Forbes family took more than $100 million out of the business while laying off staffers.