OLD Media Moves

Forbes: No interest in giving up majority stake

August 8, 2006

Steve Forbes, president and editor in chief of the Forbes publishing company that on Monday announced it was selling a minority stake in the business, told a New York Times reporter that he has no interest in giving up the majority stake in the operations.

Forbes magazineReporter Geraldine Fabrikant wrote, “Now the heirs are finally selling a stake in the single asset they own that generates income, but which is apparently no longer producing enough to support the growing number of Forbes family members.

“Steve Forbes described the deal with Elevation Partners as an attempt to expand the empire. He declined to say if any of the capital was going to family members. ‘That is one of the advantages of being privately held,’ he said. But he added, ‘I can tell you we are making major investments.’

“Mr. Forbes said that earlier sales of the family’s collections were part of estate planning (there are nine grandchildren and five great-grandchildren). ‘You can give them cash or eggs,’ he said, referring to the Fabergé collection. ‘Not everyone wants eggs.'”

Read more here.

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