Forbes family sells Forbes Media after 97 years
The Forbes family, according to media reports, has sold a “majority stake” in its US and global publishing company Forbes Media to a group of international investors, ending a 97-year dynasty started by Bruce Forbes.
An online report, the Brandrepublic said Forbes family refused to disclose how much of the business they still own, but insisted they will retain “a significant ownership stake,” and will stay actively involved in Forbes Media.
Forbes Media, it said, which owns product lines in media, digital, technology, including its flagship Forbes Magazine, will now be led by newly formed Hong Kong-based investor group Integrated Whale Media Investments (IWM).
The terms of the transaction were not disclosed. IWM is composed of international investors. The group is led by Integrated Asset Management (Asia) Limited (IAM).
According to the report, IAM, founded by Tak Cheung Yam, is a Hong Kong-based investment company primarily engaged in public and private equity investments, with expertise in telecoms, finance and technology.
Another significant investor in IWM, Wayne Hsieh is the co-founder of ASUSTeK Computer Inc., one of the world’s leading PC vendors and the number one motherboard manufacturer in the world. He is based in Singapore, the report said.
In a statement obtained by Brandrepublic, the investor group will provide capital, as well as financial and operational expertise, and intends to “strategically enlarge Forbes Media’s reach on a global scale”.
“Forbes Media claims to reach approximately 75 million people worldwide through print, digital, TV, conferences, research, social and mobile each month.
The private media company claims to be profitable and, in 2013, achieved its best financial performance in the last six years. In 2012, company revenues rose nearly 10 percent to $137.9 million. Forbes Media will keep its name and continue to be headquartered in the US.”
The report said Steve Forbes will continue in his role as chairman and editor-in-chief for the immediate future, and current president and chief executive, Mike Perlis, will continue to lead the company’s management team.
Forbes said: “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.
“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”