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Petersen looks to sale

Published on .

Retracting earlier denials, Petersen Publishing Co. said it is considering a sale. The publisher of Motor Trend and other specialty magazines hired Goldman, Sachs & Co. to "explore strategic alternatives including a possible business combination, the sale of the company, potential acquisitions, an initial public offering or any other similar transactions."

In a statement made Tuesday to Ad Age, sole owner Robert E. Petersen, 69, said over the last month he received "a lot of interest and speculation in the media and from other publishing companies" and that "after numerous inquiries and much speculation, I finally decided to let Goldman Sachs figure it out." K-III Communications is among the companies rumored to be interested.

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