| July 18
July 18 Forbes magazine's publisher agreed to
sell a majority stake to a group of international investors for
an undisclosed sum, Forbes Media said on Friday, capping an
eight-month hunt for a buyer for the company.
The Forbes family, which founded the magazine 97 years ago,
is retaining a "significant" interest in the company and remains
an active part of management, Forbes Media said in a statement.
Steve Forbes will continue to serve as chairman and
The buyer is a newly formed consortium out of Hong Kong
called Integrated Whale Media Investments, led by Integrated
Asset Management, an investment company that focus on the
technology, finance and telecommunications sectors, and Wayne
Hsieh, the co-founder of Asustek Computer Inc.
Forbes Media said it will retain its name and will remain a
privately held, independent company headquartered in the United
States. Chief Executive Mike Perlis will continue to lead the
company's management team. Forbes' Asian business will continue
to be directed from Singapore under Forbes Media CEO of Asia
"Our partners respect our brand and values, and support our
long-standing mission of championing entrepreneurship and free
market capitalism through quality, independent business
journalism," Steve Forbes said in a statement.
"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. I will remain deeply involved in the future of the
The deal means that Elevation Partners, the private equity
firm that counts U2 singer Bono as one of its founders, has
exited the company. In 2006, it made a $264 million investment
for 45 percent stake before a downturn racked the print industry
as advertisers directed their budgets to digital.
When Forbes first announced it was going on the auction
block in November, a source familiar with the matter at the time
said the company was hoping for a sale in the range of $400
million to $500 million.
It is not known whether that goal was reached. A Forbes
representative was not immediately available to comment.
Forbes magazine, known for its annual list of the world's
wealthiest people and as an unabashed promoter of capitalism,
has in recent years been making a big digital push with its
website. However, it still must surmount the high hurdles facing
magazine publishers everywhere, chiefly declines in readership
and advertising revenue.
Last year, Forbes magazine's advertising revenue fell 5
percent to about $260 million on a 10 percent drop in ad pages
according to estimates from the Publisher's Information Bureau.
(Reporting by Jennifer Saba in New York; Editing by Jonathan