Reginal Thomas
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

Publisher Sell's Forbes Magazine's Media Business To Hong Kong Based Firm

The publisher for Forbes Magazine has agreed to sell a majority stake of it's media business to a group of investors based in Hong Kong, for an undisclosed amount. Forbes has been searching for a suitable buyer for the last eight months. The magazine was found 97 years ago but the Forbes family, who is still retaining a "significant" interest in the company and will remain acting in the management of the company. Steve Forbes will keep his post as chairman and editor-in-chief. 
The buyer is a new firm out of Hong Kong called Integrated Whale Media Investment, which is being led by an investment company that mainly focuses on the technology, finance, and telecommunications markets; Integrated Asset Management and Wayne Hsieh; the co-founder of Asustek Computer Inc. In a statement Steve Forbes said, "Our partners respect our brand and values, and support our long standing mission of championing entrepreneurship and free market capitalism through quality, indecent business journalism." He also added, "The best evidence of their commitment to what we stand for is their insistence on the continues involvement of the Forbes family, the current management and our highly talented editorial team. I will remain deeply involved in the future of the company."