Categories: OLD Media Moves

Forbes could be for sale again

The ownership of Forbes Media could change again after foreign investors have reneged on a deal, writes Keith Kelly of the New York Post.

Kelly writes, “This means 98-year-old Forbes magazine, its Web site, conference business and related assets could end up back in play.

“‘Integrated Whale potentially faces being put into liquidation due to its failure to pay its debt to the Forbes plaintiffs,’ according to one suit filed in the British Virgin Islands, where the holding company is based.

“The Forbes family, which filed a parallel complaint in Delaware Chancery Court, claims the Hong Kong-based businessmen behind Integrated Whale — Tak Cheung Yam, head of investment firm Integrated Asset Management, and Wayne Hsieh, founder of Asustek Computer — are ‘typical deadbeat investors’ who refuse to pay up.

“Integrated Whale falsely claims that Timothy Forbes, the younger brother of Chairman Steve Forbes, had given it an oral waiver on overdue interest payments, the suit alleges.”

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.