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Forbes Media sold to Chinese group Integrated Whale Forbes Media sold to Hong Kong's Integrated Whale
(3 days later)
After 97 years of family ownership, Forbes Media has announced it has sold a majority stake in the company to a Hong Kong-based group of international investors.After 97 years of family ownership, Forbes Media has announced it has sold a majority stake in the company to a Hong Kong-based group of international investors.
Forbes Media - which includes Forbes magazine - was sold to Integrated Whale Media Investments for an undisclosed sum.Forbes Media - which includes Forbes magazine - was sold to Integrated Whale Media Investments for an undisclosed sum.
The Forbes family said it would still have a "significant" stake.The Forbes family said it would still have a "significant" stake.
Steve Forbes will remain as chairman and editor-in-chief.Steve Forbes will remain as chairman and editor-in-chief.
"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 announcing the sale."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 announcing the sale.
Forbes - which says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures - began looking for a buyer last November.Forbes - which says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures - began looking for a buyer last November.
Forbes will continue to be headquartered in the US, but announced plans for an international expansion.Forbes will continue to be headquartered in the US, but announced plans for an international expansion.