Forbes Media LLC has announced that a group of international investors are to purchase a majority stake in the company, providing capital as well as financial and operational expertise.
The investor group – Integrated Whale Media Investments (IWM) – is composed of international investors and is led by Hong Kong-based investment company founded by Tak Cheung Yam, Integrated Asset Management Asia Limited (IAM), with Wayne Hsieh, co-founder of ASUSTeK Computer Inc. another significant investor.
The Forbes family will still retain a significant ownership stake and will remain actively involved in Forbes Media, working with the investor group to increase the company’s product lines in media, digital, technology and brand extensions.
Under the deal Elevation Partners will fully exit its investment in Forbes Media with the IWM partnership building on the appeal of the Forbes brand.
“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, chairman and editor-in-chief of Forbes Media.
“Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism. The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team. I will remain deeply involved in the future of the company.”
Chairman and founder of IAM, Tak Cheung Yam, added: “We are investing in the Forbes brand, history, family involvement and a management team that is successfully transforming the company…Given the tremendous growth of digital in the past decade, Forbes Media’s future plans will include additional internet and social media expansion projects. Together with the Forbes family and the management team, along with the appropriate strategic and financial support, we will find new ways to unlock the value of the Forbes brand.”
Steve Forbes remarked that departing partner Elevation “has been a great partner with Forbes Media over the past eight years” and that the collaboration had enabled Forbes to “position ourselves for the next phase of growth that we see ahead with IWM.”
Completion of the transaction is expected to take place later this year and is subject to customary closing conditions. Forbes Media will remain a privately-held, independent company headquartered in the US, with Forbes Media CEO/Asia Will Adamopoulos continuing to lead the company’s Asian business.