Searching for a restaurant, spa or maybe even a doctor? Chances are many of us will turn to a thin, maroon booklet filled with customer reviews, Zagat.
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Now, the publisher of those guides, Zagat Survey LLC, started by the Zagat family in 1979 as a two-page typed list of New York restaurants, is looking for direction, which may include a sale of the company.
"Coming off 2007 as our best year ever, we see many opportunities ahead driven by the strength of the Zagat brand and the expansion of our user-generated content and distribution vehicles," said co-chairmen Tim and Nina Zagat in a prepared statement. "From this position and with the changes in the broader media and technology environments, we have determined that it is the right time to take a look at our company's options for even more rapid long-term growth."
The company sold 5.5 million print guides in 2006 and has a robust online and mobile presence.
As to who may buy Zagat, The New York Times, which first reported news of the sale, threw out names like IAC/InterActiveCorp, which owns Citysearch, and Rupert Murdoch's News Corp. Then, there is the possibility of a nontraditional buyer like AT&T Inc. or Verizon Wireless who could value the company for its digital presence, including mobile guides.
How much could the company fetch? While the NYT pegs it at around $200 million, the firm is relatively small and faces increasing competition from local Web sites that publish consumer reviews. - Donna Block
See Zagat press releaseSee NY Times article
