Remember meForgot password?
    Log in with Twitter

article imageForbes sold to investors based in Hong Kong

By Ryan Hite     Jul 20, 2014 in Business
After 97 years of purely family ownership, Forbes Media has announced that it has sold a majority stake in the company to a Hong Kong investment firm.
Forbes Media, which includes the well known magazine, was sold to Integrated Whale Media Investments for an undisclosed sum the other day.
The Forbes family said it would still have a "significant" stake in the company.
Steve Forbes will remain as chairman and editor-in-chief of the company.
"While today marks a fundamental turning point in this 97-year-old company founded by my grandfather, it should be seen as an opportunity to continue and strengthen our mission," said Mr Forbes in a blog post that announced the sale.
Forbes Media said that it will retain its name and will remain a privately-held, independent company headquartered in the United States. Forbes' Asian business will continue to be directed from Singapore under CEO Will Adamopoulos.
When Forbes first announced it was going for sale in November, a source familiar with the matter at the time said the company was hoping for a sale price in the range of $400 million to $500 million.
It is not known whether that goal was reached, but a person familiar with the deal said the transaction valued the company at $475 million.
Forbes will continue to be headquartered in the US, but has announced plans for an international expansion in the coming years.
More about Forbes, forbes sold, forbes china
More news from
Latest News
Top News