Forbes Agrees to Sell Majority Stake to Hong Kong Group of Buyers
Forbes Media said that Forbes magazine has agreed to sell a majority stake of a group of international investors which capped off a eight month hunt for a buyer for the company. Although the amount has not been revealed, the Forbes family will still retain a significant interest in the company and will remain an active part of its management. Steve Forbes will still serve as its chairman and editor in chief.
The group of buyers is a newly formed consortium from Hong Kong named Integrated Whale Media Investments that is led by Integrated Asset Management a company that is focused in developing the technology, finance and telecommunications sector together with Wayne Hsieh the co-founder for Asustek Computer Inc. Forbes Media will retain its name and remain a privately held, independent company with its headquarters in the U.S.. its Chief executive Mike Perlis continues on to lead its management team and Forbes Asian Business will also continue to be directed in Singapore under Will Adamopoulos, Forbes Media CEO for Asia.
The best proof of he company’s commitment to what they stand is on their insistence on continuing their involvement of the Forbes family, the current management and their highly talented editorial team. These deal that Elevation Partners, a private equity firm has exited the company as in 2006 made US$264 million investment to buy a 45 percent stake before the printing industry was downturned directing advertisers budget to go digital.