Friday, July 18
NEW YORK (AP) — 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.