Forbes’ US owners sell majority stake to HK consortium
The publisher of the US business magazine Forbes said on Saturday that a controlling stake in the group had been sold to a Hong Kong-based investment consortium. Forbes Media will remain privately held and US-based but a majority stake is being sold to the newly formed Integrated Whale Media Investments based in Hong Kong.
The Forbes family will retain ‘a significant ownership stake’ in the company under the plan and will continue to participate in its operations. ‘This is a major milestone for the company and our family, and we’re pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company,’ Steve Forbes said in a statement.
‘Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism. The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team.’
Under the deal, Elevation Partners, which includes U2 singer Bono and which has had a minority stake in Forbes since 2006, will divest from the group.
The magazine, known for its rankings of wealthy Americans and global business leaders, was launched in 1917 by Scottish immigrant B C Forbes. It was run by his son Malcolm Forbes before being taken over by Steve Forbes, a onetime presidential candidate.
The magazine has some 6 million readers in the USA and international editions published in 21 languages, which brings the number of global readers to some 75 million.