In the past six years, Forbes has expanded its international publishing reach from nine licensed local editions to 36. Content is now consumed in 63 countries, in 21 different languages.
Today, the company solidified its international reach with the announcement that a majority stake has been sold to a group of Asian investors. From today’s release:
The newly formed Hong Kong-based investor group Integrated Whale Media Investments (“IWM”) is composed of international investors. The group is led by Integrated Asset Management (Asia) Limited (“IAM”).
IAM, which was founded by Tak Cheung Yam, is a Hong Kong-based investment company primarily engaged in public and private equity investments, with expertise in telecommunications, finance and technology. Another significant investor in IWM, Wayne Hsieh is the co-founder of ASUSTeK Computer Inc., one of the world’s leading PC vendors and the No.1 motherboard manufacturer in the world. He is based in Singapore.
The company will continue to be named Forbes Media LLC, with Steve Forbes and Mike Perlis remaining on board as, respectively, chairman/editor-in-chief and president/CEO. The deal is expected to close sometime later this year.
In a post titled “A New Frontier for Forbes,” company chairman Forbes frames today’s transaction as follows:
This is obviously a momentous occasion for the Forbes family and the team here at Forbes. But, it represents an opportunity for extraordinary advances for us that would have been inconceivable just a few short years ago.
Previously on FishbowlNY:
No One Wants to Buy Forbes
Update (11:30 a.m.):
A source told Bloomberg’s Edmund Lee that the deal values Forbes Media at $475 million.