Deal for Forbes closes

The deal by Asian investors to acquire Forbes Media has closed, writes Keith Kelly.

Kelly writes, “The Asian investors who are taking over a majority stake in Forbes Media finalized the deal last Friday, officially ending 97 years of family control — but so far the new owners are staying away and leaving their new possession in the hands of current management.

“CEO Mike Perlis, who is being retained, told staffers on Monday that he will hold a Town Hall meeting on Oct. 8 after flying to Hong Kong this week to meet the new owners, including Tak Cheung Yam, head of a diversified holding company, Integrated Asset Management, and Wayne Hsieh, co-founder of ASUSTek, a Singapore-based computer vendor.

“As announced with agreement in mid July, the Forbes family, which has controlled the firm since its founding by B.C. Forbes in 1917, is retaining a minority stake that sources say is 20 percent.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.