Forbes sells stake to Asian investors

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 chai rman 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.

The group is led by Integrated Asset Management (Asia) Limited founded by Tak Cheung Yam. The amount of the investment was not disclosed by Forbes, but the New York Times said it will be some $475 million.