Publisher Ziff Davis May Sell Itself

Ziff Davis Holdings Inc., owner of PC magazine and Computer Gaming World, may sell itself in a transaction that analysts said might fetch more than $300 million.

Evercore Partners and Lehman Bros. Holdings Inc. were hired to help explore alternatives, New York-based Ziff Davis said Monday.

Principal owner Willis Stein & Partners in 2000 bought Ziff Davis for $780 million from Japan’s Softbank Corp. The publishing company has shifted its focus toward websites and technology enthusiast events after the Internet stole readers and advertisers and lowered its value.

“We’ve become experts at saying that we’ll move online if print isn’t working,” said Samir Husni, who heads the journalism department at the University of Mississippi and publishes an annual guide to new magazines. “A common excuse is to move a publication online, but if it can’t work both ways, forget about it.”

A $10-million investment in 2005 aimed at boosting Ziff Davis’ online presence will allow the owner to get back a greater part of its original investment, Ziff Davis Chief Financial Officer Mark Moyer said in an interview.

Ziff Davis in the last year has closed at least two of its magazines, Sync and ExtremeTech. It now owns 32 websites and seven publications.