Categories: OLD Media Moves

Forbes nears deal with China company

China-based Fosun International is now said to be in final negotiations to land Forbes Media and its related digital properties, reports Keith Kelly of the New York Post.

Kelly writes, “One source said the deal could be announced as early as this week — or early next week.

“Fosun is a diversified, closely-held conglomerate that last year purchased 1 Chase Manhattan Plaza for $725 million and already publishes the Chinese edition of the magazine.

“A report last week, in The Deal, had Fosun as the winner already. It quoted sources saying the price tag will be in the $250 million range — far below the $400 million that Deutsche Bank, which is handling the sale, said in November it hoped to fetch.

“As Media Ink first reported, Steve Forbes may be staying on board with a minority stake.

“Speculation is that Forbes will keep up to 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.