Forbes to sell majority stake to HK consortium
FORBES magazine's publisher has agreed to sell a majority stake of its media business to a Hong Kong-based group of investors for an undisclosed sum, Forbes Media said, 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 on Friday. Steve Forbes will continue to serve as chairman and editor-in-chief.
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 focuses on the technology, finance and telecommunications sectors - and Wayne Hsieh, the co-founder of Asustek Computer.
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's Asia CEO, Will Adamopoulos.
"Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free-market capitalism through quality, independent business journalism," Mr 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 company."