Steve Forbes will remain as chairman and editor-in-chief
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, BBC reports.
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 says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures.
They began looking for a buyer last November.
Forbes will continue to be headquartered in the US, but they also announced plans for an international expansion.
Source: Dhaka Tribune