Asian investors in Forbes eyeing a sale
The Asian investors who bought a controlling stake in Forbes Media from the Forbes family in 2014 are exploring a sale of the magazine and related Web properties, reports Keith Kelly of The New York Post.
Kelly reports, “Reached for comment, a spokesman for Forbes, also known as the ‘Capitalist Tool,’ didn’t shoot down rumors of a sale — and even went so far as to encourage investors to take a closer look.
“‘We have no comment, but smart investors often express interest in Forbes Media, especially now, coming off our best year ever in 2018 and with 2019 shaping up to be a strong year as well,’ said Matthew Hutchison, senior vice president of communications for Forbes.
“The Asian investors, led by Hong Kong-based Integrated Asset Management, bought their 95 percent stake in Forbes in 2014, in a deal that has been valued as high as $475 million, from the Forbes family and Elevation, an investment group that included Irish rocker Bono.
“Steve Forbes and other members of the Forbes family now have about a 5 percent stake in the company, while Elevation exited its full investment.”
Read more here.