FAIRFIELD-SUISUN, CALIFORNIA

Business and Real Estate

Forbes sells majority stake to group of investors

By From page B6 | July 19, 2014

NEW YORK — Forbes said Friday it will sell a majority stake in the family owned magazine publisher to a Hong Kong-based investor group.

Financial terms of the deal were not disclosed. The New York company said in November it was putting itself up for sale.

The buyers are led by Integrated Asset Management Ltd., a Hong Kong investment firm that invests in telecommunications, finance and technology companies.

The Forbes family will keep a “significant” ownership stake and stay actively involved with the company, Forbes said.

Steve Forbes will stay on in his role as chairman and editor-in-chief, the company said, while president and CEO Mike Perlis will continue to lead the company’s management team.

Like other magazine publishers, Forbes has dealt with the continued consumer and advertiser shift away from print publications.

Privately held Forbes Media LLC, which is controlled by the Forbes family, includes Forbes magazine, which has covered wealth and finance since 1917. It also includes Forbes Asia, ForbesLife and Forbes.com.

It’s known for its annual lists of global billionaires and the richest people in America.

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Please read our Terms of Service and Privacy Policy before commenting.

  • Recent Articles

  • Enter your email address to subscribe and receive notifications of new posts by email.

  • Special Publications »

    Use of this site constitutes acceptance of our Terms of Service (updated 4/30/2015) and Privacy Policy (updated 4/7/2015).
    Copyright (c) 2015 McNaughton Newspapers, Inc., a family-owned local media company that proudly publishes the Daily Republic, Mountain Democrat, Davis Enterprise, Village Life and other community-driven publications.