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Exclusive: Zinio puts itself up for sale

June 25, 2012: 11:27 AM ET

Original online magazine rack hits the auction block.

FORTUNE -- Zinio, a digital magazine reading platform that competes with Amazon's (AMZN) Kindle app and Apple's (AAPL) Newsstand, is seeking a buyer, Fortune has learned.

The San Francisco-based company has hired investment bank Montgomery & Co. to manage the process, with one source saying that the company is seeking between $50 million and $100 million. No idea yet if there is buy-side interest at that price.

Zinio raised venture capital in the early part of the aughts, from brand-name firms like Apax Partners, New Enterprise Associates, North Bridge Venture Partners and Commonwealth Capital Ventures. But those firms all sold their stakes (for very little) more than five years ago to a real estate and hotel magnate named David Gilmour, who currently serves as the company's executive chairman.

A company spokeswoman did not return a request for comment.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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