In November last year, we reported about the planned sale of Forbes Media LLC for just $400 million. Today the Forbes family sold a majority stake in the company in a move the family says will help it further increase market share of the existing Forbes Media product lines in media, digital, technology, as well as brand extensions.
The undisclosed agreement was sealed by an unknown Hong Kong-based investor group known as Integrated Whale Media Investments. IWMI is led by Integrated Asset Management (Asia) Limited which was founded by Tak Cheung Yam, is a Hong Kong-based investment company and Wayne Hsieh, Co-Founder of ASUSTeK Computer Inc..
Upon closing, Elevation Partners will fully exit its investment in Forbes Media. Forbes Media will use the funds as expansion and operational capital to reach more people. At the moment the firm reaches approximately 75 million people worldwide via print, digital, TV, conferences, research, social and mobile each month.
Forbes Media LLC will retain its operating name and will remain a privately-held, independent company headquartered in the U.S. 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. The company plans to launch ForbesLife.com in September 2014.