» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 140 | Monday, July 21, 2014

Forbes Sells Majority Stake to Group of Investors

AP

Print | Front Page | Email this story | Comments ()

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.