Forbes Media is selling a majority stake to an Asian investor group known as Integrated Whale Media. The Forbes Chairman and Editor-in-chief Steve Forbes and family will continue to hold a minority stake in the 97-year-old publishing company.
Financial terms were kept private but a source estimated the cash price at $215 million, primarily to buy out the sizable minority stake held by Elevation Partners.
The new ownership team is led by Hong Kong-based Integrated Asset Management, founded by Tak Cheung Yam. Another investor with a significant stake is Singapore businessman Wayne Hsieh, the co-founder of Asustek Computer.
“This is a major milestone for the company and our family and we’re pleased to partner with a forward looking investor group to further drive the evolution and growth of this exceptional company,” said Steve Forbes, who retain keep both his current titles.
Forbes magazine was founded by his grandfather B.C. Forbes in 1917. After the sale, the family’s stake will be reduced to around 20 percent.
Elevation, the investment group that includes Irish rocker Bono and Silicon Valley investor Roger McNamee, will fully exit their investment in publishing company.
Elevation paid an estimated $265 million for 44 percent of the company in August 2006, but wrote down most of the investment when Forbes slipped into the red during the recession.
The company has since rebounded and said that 2013 was “the company’s most profitable year in the last six.”