Forbes announced Friday it has accepted an offer for a “significant ownership stake” from a Hong Kong-based consortium but will retain its majority position.
Forbes said Integrated Whale Media Investments will provide money and business knowledge to its media assets. Terms of the transaction were not disclosed, but Forbes added that current investor Elevation Partners “will fully exit its investment” once the deal closes.
“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,” the company said in a statement.
According to the company, Steve Forbes will continue as chairman and editor-in-chief, and Mike Perlis will remain president and CEO.