The glossy magazine is on the market for 300 mn dollars. This was seen an ambitious price by the equity partners, who declined to buy the magazine too.
There are reports now that the magazine may be bought by British billionaire Sir Richard Branson's Virgin firm. However, the potential buyer has expressed no real interest.
This 56-year-old iconic publication lost its readership to the Internet and video-in-demand. The company posted a loss of $13.7 million for the first quarter of the year while recording a drop in revenue of $61.6 million. Its 6.6 million strength circulation dropped to 2.5 million, according to the Audit Bureau of Circulations.