A legal battle over the takeover of Forbes magazine has been settled after the Chinese investors who bought the media company in 2014 agreed to an out-of-court deal with the Forbes family, reports David Bond and James Fontanella-Khan of the Financial Times.
Bond and Fontanella-Khan write, “However, both IWM and Forbes say the dispute has now been settled, following an agreement last month. One person with knowledge of the case told the Financial Times there were concerns that an even more protracted courtroom stand-off would inflict damage to both parties and the magazine.
“The terms of the settlement were not disclosed. But one person familiar with the negotiations said IWM had agreed to pay all of the outstanding amount and late payment interest related with the completion of the deal. IMW has also released all of the funds it had put in the escrow account. Forbes will retain a 5 per cent stake in the business as originally agreed at the time of the sale.
“IWM said in a statement: ‘Integrated Whale Media Investments, the Forbes family and Forbes Media are pleased that the Forbes Media shareholders have resolved their legal dispute. Together, we will continue to focus on realising the full potential of the Forbes business and brand.’
“Together, we will continue to focus on realising the full potential of the Forbes business and brand Integrated Whale Media Mike Perlis, chief executive of Forbes, told the Financial Times that while the legal dispute had ‘little effect on us’, he was nevertheless relieved that it had been resolved.”
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