Morning Media Newsfeed: Forbes Sells Majority Stake | Kindle Unlimited Unveiled

[emailonly]{{{ sbox300x250 }}}[/emailonly] Click here to receive Mediabistro’s Morning Media Newsfeed via email.

Forbes Media Sells Majority Stake to Hong Kong Investor Group (FishbowlNY)
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. Friday, the company solidified its international reach with the announcement that a majority stake has been sold to a group of Asian investors. NYT / DealBook The terms were not disclosed, but the transaction values Forbes Media at $475 million, said a person close to the deal. Forbes’ new controlling shareholders will be Integrated Whale Media Investments, a group that includes the Hong Kong investor Tak Cheung Yam and Wayne Hsieh, the Singaporean co-founder of AsusTek Computer. Forbes The Forbes family will retain a significant ownership stake, will stay actively involved in Forbes Media and 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. Upon closing, Elevation Partners will fully exit its investment in Forbes Media. Mashable In a statement, the family and its new majority owners framed the deal as a way to ensure Forbes‘ brand and journalistic operations continue to expand. “Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism,” Steve Forbes said in a statement. Capital New York Forbes Media will remain headquartered in the U.S., and there will be no change at the top — Steve Forbes will continue as chairman and editor-in-chief, and Mike Perlis will remain CEO. The company reported that it made a profit in 2013; the company projected a revenue of $144.6 million for the year, according to a report.

Amazon Reveals Kindle Unlimited eBook Subscription Service (GalleyCat)
After rumors had been flying all week about Amazon getting into the eBook subscription business, the online retail giant has confirmed the service and has revealed the details. Amazon has launched Kindle Unlimited, a new eBook subscription service that operates as a kind of Netflix for eBooks. GalleyCat Kindle Unlimited will compete directly with Oyster’s eBook subscription service. Both companies charge about $10 a month in subscription fees for unlimited access to their entire library. Oyster’s collection consists of more than 500,000 titles and Amazon’s boasts more than 600,000. New York Post / AP About 2,000 audiobooks from Audible with Whispersync for Voice, which lets users switch between reading and listening to books, will be available through the service. Subscribers will get a free three-month membership to the broader Audible service, which has 150,000 titles. Amazon is offering a free 30-day trial to entice users to try the service. The move is a switch from Amazon’s latest efforts, which have all been about adding services to its Prime loyalty program. GigaOM Most of the eBook titles come from Amazon’s own publishing imprints or by self-published authors who’d previously enrolled their books in KDP Select. There are books from traditional publishers as well — no big-five publishers — but Abrams, Algonquin, Workman, Open Road and Bloomsbury, among others. “You can keep up to 10 books at a time and there are no due dates,” according to Amazon’s help pages. “Read your Kindle Unlimited books on any Kindle device or free Kindle reading app.”

Another RT Journalist Quits (TVNewser)
She might not have quit on-air like her former colleague, but London-based RT correspondent Sara Firth made waves Friday morning announcing her resignation on Twitter. PRNewser She went on an entire bridge-burning campaign that went viral. The RT is a Russian news network that has one huge setback in that “unbiased reporting” angle — it is completely funded by the Russian government. Mediaite “We do work for Putin,” she admitted on Twitter. “We are asked on a daily basis if not to totally ignore then to obscure the truth.” “I have huge respect for many in the team, but I’m for the truth,” she added in another tweet. Firth, who had been filing as recently as July 16, hinted strongly that she’d been asked to compromise a story of hers, likely about the crash of MH17 in Eastern Ukraine. HuffPost Russia Today’s Liz Wahl also publicly criticized the network earlier this year. Wahl quit while on air, stating that she could not support a network that “whitewashes the actions of Putin” and asks her to “promote Russian foreign policy.”