After 97 years of
family ownership, Forbes Media has announced it has sold a majority stake in
the company to a Hong Kong-based group of international investors.
Forbes Media - which includes
Forbes magazine - was sold to Integrated Whale Media Investments for an
undisclosed sum.
The Forbes family
said it would still have a "significant" stake.
Steve Forbes will
remain as chairman and editor-in-chief.
"While today
marks a fundamental turning point in this 97-year-old company founded by my
grandfather, it should be seen as an opportunity to continue and strengthen our
mission," said Mr Forbes in a blog post announcing the sale.
Forbes - which says
it reaches 75 million people worldwide every month through its print, digital,
TV, conferences and research ventures - began looking for a buyer last
November.
Forbes will continue
to be headquartered in the US, but announced plans for an international expansion.
BBC Business
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