The company has since rebounded and said that 2013 was “the company’s most profitable year in the last six.”.
Sony also owns non-media assets, including a bank, financial holdings, and a creative suite. Published Date: July 20, 2014 3:56 PM IST. The Forbes family and its backers have agreed to sell a majority stake in Forbes Media to a Hong Kong-based investment group. Although some reports valued Forbes Media at $475 million, that was the “enterprise value” of the entire company, not the actual cash that was forked over by the Asian investors. 114,042, This story has been shared 102,749 times. Also Read - Akshay Kumar Gets Fourth Spot on Forbes World's Highest Paid Actors 2019 List. In 2014, Forbes was acquired by a Hong Kong-based consortium called Integrated Whale Media Investments, led by investment firm Integrated Asset Management and Wayne Hsieh, cofounder of … The source detailed current owner Integrated Whale Media Investments’ thinking to Caixin after a Reuters report said Whale was interested in selling most or all of its 95% stake in Forbes. Representatives from Whale and HNA had no comment on the matter. “This is an investment move,” he said. The newly formed Hong Kong-based investor group Integrated Whale Media Investments (“IWM”) is composed of international investors. Terms of Use Sorry, your blog cannot share posts by email. Forbes Media will remain privately held and US-based, but a majority stake is being sold to the newly formed Integrated Whale Media Investments, based in Hong Kong. A controlling stake in the Forbes magazine group had been sold to a Hong Kong-based investment consortium. Post was not sent - check your email addresses! Dog walks 62 miles for 2 weeks to get back home, Robert F. Smith’s yearlong, $59 million Chelsea penthouse build nears finish line, ‘DWTS’ pro Lindsay Arnold gives birth to baby girl, Cardi B and Offset hit multiple parties for Halloween in Atlanta, More Treats, Less Tricks On ‘SNL’ Halloween Episode, Thanks To Guest Host John Mulaney’s Steady Hand, © 2020 NYP Holdings, Inc. All Rights Reserved, Forbes Media may soon be on block again as investors explore sale, Forbes promotes its top magazine editor to content chief, Forbes Media is replacing its CEO amid management turmoil, Another Chinese company eyes stake in Forbes, Michaels takes 50 percent off Christmas trees for holiday sale, The best Wi-Fi extenders for boosting your internet connection range, Best Buy's 27 biggest early Black Friday deals of 2020, Thanksgiving meal kits and delivery services for an easy holiday feast, Master Microsoft Excel with this 90-hour training that’s on sale for just $70, Ed O'Neill got a huge pay raise and Porsche for resigning on 'Married ... with Children'. Forbes Media is selling a majority stake to a group of Asian investors known as Integrated Whale Media. Your Ad Choices This story has been shared 102,749 times. 102,749, © 2020 NYP Holdings, Inc. All Rights Reserved The Forbes family has sold a lot of its assets from its real-estate holdings to its unique collection of Faberge eggs. During the initial sale by the Forbes family in 2014, Shanghai-based private equity firm Fosun International was reportedly making a bid for the company, even though Whale ultimately emerged as the buyer. Read more on Latest News on India.com. The amount of the investment was not disclosed by Forbes, but the New York Times said it will be some $475 million. Still, the betting from Day One was that the suitor would hail from Asia, where the “Capitalist Tool,” as Forbes is known, enjoys a higher profile than it does on the domestic front. Last, Sony has a portfolio of investments, much like other media companies on this list. Investments. An approach by HNA or other Chinese buyers would mark at least the second time a mainland-based investor was interested in Forbes. In November, the company hired Deutsche Bank to shop it for around $400 million. Asian businessmen now control the Capitalist Tool. Elevation, the investment group that includes Irish rocker Bono and Silicon Valley investor Roger McNamee, will fully exit their investment in publishing company. Copyright © 2019 Caixin Global Limited. We've received your submission.
This story has been shared 117,696 times. But potential suitors ranging from Germany’s Axel Springer to Time Inc. were unwilling to pay that price. Do Not Sell My Personal Information, Your California Privacy Rights (Beijing) — The Hong Kong-based owner of Forbes Media is interested in selling a stake in the company but wants to maintain a controlling share of the U.S. publishing giant, a knowledgeable source told Caixin. The new ownership team is led by Hong Kong-based Integrated Asset Management, founded by Tak Cheung Yam. Privacy Notice It sold its iconic headquarters townhouse five years ago to NYU but stayed on as a renter. - Forbes sold to Hong Kong-based Integrated Whale Media Investments for almost $500 million Yes, you should plan on traveling to see family for Thanksgiving, New York is about to kill a whole lot of landlords, Democrats are masking Biden's frailty: Devine, Trump caravans snarl traffic on Garden State Parkway, Mario Cuomo Bridge, Salt Life co-founder charged after teen found shot at Florida hotel. These non-media assets don’t publish information, but they certainly play a major role in Sony’s financial success. Thanks for contacting us. The latest developments follow the January resolution of a long-running dispute between Whale and the Forbes family following the latter’s sale of the Forbes Media stake to the former in 2014. Your California Privacy Rights Contact writer: Yang Ge (geyang@caixin.com). Also Read - Forbes' List of World's 100 Most Powerful Women: Nirmala Sitharaman Debuts at 34, “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,” Steve Forbes said in a statement. Earlier this year, it announced plans to move out of its current Greenwich Village headquarters to Jersey City. CEO Mike Perlis said there “will be no layoffs and no cutbacks” as a result of the ownership change. Non-Media Assets. That dispute had centered over Whale’s payments for the purchase, which was reportedly worth more than $400 million. 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. Forbes Media is selling a majority stake to a group of Asian investors known as Integrated Whale Media… Trending in China: Can You Stop People Giving ‘Too Much’ Money to Their Favorite Live-Streamers? After the sale, the family’s stake will be reduced to around 20 percent. Fosun International, a diversified company that publishes the Chinese edition of Forbes, also dropped out of the bidding as did Singapore-based Spice Global. All Rights Reserved. “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. That report said Whale was also in talks with another media firm and was scouting for other potential buyers. The publisher of the US business magazine Forbes said on Saturday that a controlling stake in the group had been sold to a Hong Kong-based investment consortium. Trending in China: Concerns Over Traditional Chinese Comedy ‘Selling Out’ In the Digital Age, Chinese Biotech Firm Gracell Nets $100m From Wellington, OrbiMed, Others, Alibaba’s Hometown Could Become First in China to Issue Facial Recognition Ban, Battery and Hybrid Cars Will Dominate China’s Roads in 15 Years, Trending in China: Do The Sins Of The Father Fall On Their Sons? Social Media Lambast Pop Star with ‘Deadbeat’ Dad, In Depth: Huawei Eyes ‘Not Made in America’ Chip Supply Chain as Stockpiles Dwindle, Exclusive: China May Scrap Key Ingredient in Setting Yuan’s Daily Fixing, In Depth: Fraud Allegations Fly as Mainland Investment Firm Turns on Hong Kong Money Man, Exclusive: Shenzhen Bourse Plans to Merge Main Board With Upstart That Supplanted It, Manufacturing Workers in High Demand as Consumption Revives, Gallery: Tibetan Palace Gets Annual Facelift, Power To The People: Pintec Serves A Booming Consumer Class, Largest hotel group in Europe accepts UnionPay, UnionPay mobile QuickPass debuts in Hong Kong, UnionPay International launches premium catering privilege U Dining Collection, UnionPay International’s U Plan has covered over 1600 stores overseas. The sale process dragged on for eight months. Also Read - Virat Kohli Becomes First Cricketer to Top Forbes India 100 List With Staggering Earning of Rs 252 Crore, The Forbes family will retain “a significant ownership stake” in the company under the plan and will continue to participate in its operations.
Steve Forbes, grandson of the company’s founder, will maintain his role as chairman and editor-in-chief under the plan, which brings new capital into the publishing group. Reuters had reported earlier this week that HNA Group, one of China’s most acquisitive buyers of global assets, was in talks to buy a controlling stake of Forbes. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Forbes Media - which includes Forbes magazine - was sold to Integrated Whale Media Investments for an undisclosed sum. As media moguls continue to build their empires, and emerging conglomerates begin to expand into the news media industry, it is important to remain aware of who exactly owns the news. Financial terms weren’t disclosed, but a source estimated the cash price at $215 million, primarily to buy out the sizable minority stake held by Elevation Partners. “The reason it took as long as it did to do the deal was that we were looking for a particular kind of buyer who would understand the tradition of the Forbes brand and an investor would back the family’s and current management’s plan to grow the company.”, Another 'RT' reporter resigns over show's Russia coverage, This story has been shared 117,696 times. Copyright © 2020. Sitemap Do Not Sell My Personal Information. 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.