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.
Steve Forbes, grandson of the company's founder, will maintain his role as chairman and editor-in-chief under the plan, which brings new capital into the publishing group."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." The group is led by Integrated Asset Management (Asia) limited founded by Tak Cheung Yam. Another investor, Wayne Hsieh, is the co-founder of ASUSTeK Computer Inc, which makes the Asus brand of personal computers and electronics.