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Forbes Media Sells Majority Stake to Hong Kong Investor Group

The Forbes family retain a significant stake while Elevation Partners exits completely

Forbes Media has sold a majority stake to a group of international investors based in Hong Kong operating under the name Integrated Whale Media Investments, the company announced on Friday.

According to the NY Times, the deal valued the financial multi-media company at around $475 million.

Also read: Forbes Magazine Hits Highest Readership in 97-Year History (Exclusive)

The Forbes family will retain a significant stake in the company, a release noted, with Steve Forbes remaining the chairman and editor in chief. A statement from the company on Friday stated that the family “will work with the investor group to further increase market share of the existing Forbes Media product lines in media, digital, technology, as well as brand extensions.”

Additionally, President and CEO Mike Perlis will retain his titles, as well. The Integrated Whale group is led by Tak Cheung Yam, of Hong Kong’s Integrated Asset Management, and Singapore’s Wayne Hsieh, who is the co-founder of ASUSTeK Computer.

Also read: Forbes Media Hires Deutsche Bank to Explore Magazine Sale

Elevation Partners, the investment company that includes U2’s Bono, will sell its 45 percent stake in the company and exit entirely.