Forbes sold to Chinese Investors

 

After 97 years of family ownership, Forbes Media, has announced it has sold a majority stake in the company to a Integrated Whale Media Investments, a Chinese investment company based in Hong Kong.

Forbes Media, reputed to be reaching over 75 million people worldwide through its Forbes magazine in print and electronic media, was sold for an undisclosed amount.

The Forbes family, however said that it would still have a "significant" stake while Steve Forbes will remain as chairman and editor-in-chief.

Announcing the sale on the company’s website, Mr. Forbes said:"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”.

According to the article on Forbes, Forbes Media LLC will retain its operating name and will remain a privately-held, independent company headquartered in the U.S.  Current President and CEO Mike Perlis would also continue to lead the company’s management team.  Forbes Media’s Asian business will continue to be directed out of Singapore under Forbes Media CEO/Asia Will Adamopoulos.

Forbes Media has built a diversified portfolio of assets, while maximizing the power of the Forbes brand across multiple categories, including media, digital, technology and branded products.  In the U.S., Forbes magazine, the iconic front door to the Forbes brand, has increased its readership to more than 6 million.  Internationally, since 2008, Forbes has expanded its publishing activities from 9 licensed local editions around the world to 36, covering 63 countries in 21 different languages.  Forbes’ digital footprint has exponentially broadened as Forbes.com has transformed from a web site to a robust publishing platform.  Currently, Forbes has 24 international web sites.  The company’s growth has also been fueled by new brand extensions, including conferences, real estate, education, financial services and technology license agreements.

The new owner, Integrated Whale Media Investments (“IWM”) is a newly formed group of international investors.  The group is led by Integrated Asset Management (Asia) Limited (“IAM”), founded by Tak Cheung Yam. is a Hong Kong-based investment company primarily engaged in public and private equity investments, with expertise in telecommunications, finance and technology.  Wayne Hsieh, the Co-Founder of Singapore-based ASUSTeK Computer Inc., is another significant member of the new group.