Forbes Media sells majority stake to investors
Forbes Media has announced an agreement under which a group of international investors will purchase a majority stake in the company.
Forbes retains a “significant ownership stake” and will stay actively involved in Forbes Media.
Hong Kong-based investor group Integrated Whale Media Investments is composed of international investors and is led by Integrated Asset Management. The group will provide capital, as well as financial and operational expertise, and intends to leverage its international relationships to strategically enlarge Forbes Media’s reach on a global scale.
Forbes Media retains its operating name and will remain a privately-held, independent company headquartered in the US. Steve Forbes will maintain his role as chairman and editor-in-chief, and current president and CEO Mike Perlis will continue to lead the company’s management team. Forbes Media’s Asian business will continue to be directed out of Singapore under Forbes Media CEO/Asia Will Adamopoulos.
“This significant investment in the company is a strong endorsement of the global strength of our brand, as well as our progress and innovative plans for continued growth,” said Mike Perlis, President and CEO of Forbes Media. “We are combining the best of our historic legacy with an infusion of new resources, capabilities and expertise to accelerate Forbes Media’s global growth. We already work with members of IWM’s management through our existing real estate and financial services lines of business. Our partners fully appreciate the power of the Forbes brand to attract new audiences in diverse markets all over the world – a foundation we look forward to building on together.”