Filed under: Public or private?

With its sterling brand, I'm sure Zagat Survey is worth a good amount, perhaps more than $200 million. So, it should be no surprise that the cofounders, Tim and Nina Zagat, are putting the company in play, according to a report from The New York Times. Goldman Sachs (NYSE: GS) is leading the effort.

Zagat is an example of how a traditional publisher can transition to New Media. For example, Zagat.com has about 1.5 million registered users (there is also a mobile edition). What's more, the company has branched out into other categories, such as hotels, golf courses and so on.

Zagat also has a corporate business. That is, companies like Citigroup (NYSE: C) and Microsoft (NASDAQ: MSFT) get customized guides.

Interestingly, Zagat got its start in 1979, as a hobby of Tim and Nina.

Who might buy Zagat? Well, it could be a long list. For instance, the Times listed a variety of possible suitors, including AT&T (NYSE: T), American Express (NYSE: AXP), LVMH Group, and News Corporation (NYSE: NWS).

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

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