The Forbes family announced late last week that it will sell a majority stake of Forbes Media LLC to the international investment firm Integrated Whale Media, led by Integrated Asset Management and based in Hong Kong. The family will retain a “significant” stake, and will still be involved in the company.
Steve Forbes remains chair and editor-in-chief, with Mike Perlis continuing as president and CEO.
“We are investing in the Forbes brand, history, family involvement and a management team that is successfully transforming the company. Forbes Media is built around a brand that is synonymous with success and a mission that has tremendous respect and global appeal in established and growing markets around the world. As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience,” IAM chair and founder Tak Cheung Yam said in a statement.
“Given the tremendous growth of digital in the past decade, Forbes Media’s future plans will include additional internet and social media expansion projects. Together with the Forbes family and the management team, along with the appropriate strategic and financial support, we will find new ways to unlock the value of the Forbes brand.”
To read more about the Forbes family selling a majority stake, visit Forbes.com.
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