NEWSMAX: The Forbes family, an emblem of American wealth and pioneer of business journalism, is giving up control over the media empire it cultivated for almost a century by selling a majority stake to a Hong Kong-based group.
The transaction valued Forbes Media LLC at $475 million, said a person with knowledge of the matter, who asked not to be identified because the terms are private. The agreement, announced Friday, will hand over Forbes magazine and its widely followed ranking of the world’s richest people to a collection of investors led by Integrated Asset Management (Asia) Ltd., founded by investor Tak Cheung Yam, Forbes said in a statement.
Steve Forbes will remain chairman and editor-in-chief, and the Forbes family will hold a minority stake. While the handover is bittersweet, he said it allows the business to move forward… (more)
