Forbes to the Hong Kong consortium to sell the majority stake

On the east coast of the United States, July 18, Reuters quoted sources as saying the financial magazine Forbes agreed to sell most of its stake to a Hong Kong consortium, followed by two Chinese traders.

Forbes Media LLC later confirmed the news and announced that it has reached an agreement that a group of investors from international investors will buy most of the company's rights and that the Forbes family will retain a fair amount of ownership and will also be active Participate in all the Forbes media work.

It is understood that Forbes said the "investment group" is the new set up in Hong Kong Whale Media Investment Co., Ltd. (Integrated Whale Media Investment Inc., hereinafter referred to as "the whale").

The investment group leader is the Hong Kong Ren Renzhang created by the Department of Asset Management (Asia) Limited. The exchange is mainly engaged in listed equity and private equity investments, specializing in telecommunications, finance and technology and other fields of investment. Another major investor is Xie Weiqi, the co-founder of Asustek Computer.

Public information shows that Ren Dezhang himself is called "Hong Kong stock god", quite active in the capital market. Xie Weiqi is relatively low-key, rarely left in public appearances in 2004 after leaving ASUS.

According to Taiwan's "China Times" reported that the acquisition amount of the transaction at about 475 million US dollars.

Making such a decision is not without concern for Forbes' dilemma in recent years. The 97-year-old company is facing "troubles in transition" in recent years. According to the publisher's Bureau of Information, Forbes magazine reported a 10% year-on-year decline in ad pages and advertising revenue fell 5% to 260 million U.S. dollars.

Steve Forbes, chairman of Forbes Media and chief editor of Forbes in English, said in a statement entitled "Forbes Entering a New Period" that the Internet has revolutionized the mass media industry's operating model , "This change has always been a painful experience for some veteran companies. In addition, the" creative destruction "caused by the Internet has just begun."

So, what can this whale bring to Forbes?

Ren Dezhang said Forbes Media's future plans will include an additional Internet and social networking expansion project, and all they have to do is to find new ways to release the hidden value of the Forbes brand on the basis of appropriate strategic and financial support.

Mike Perlis, the company's president and chief executive, also said Forbes is combining Forbes 'best heritage with new infuses of resources, capabilities and technology to promote Forbes' global growth and to disclose "the company's existing real estate, Financial services and other business areas, we have partnered with the management team members of our whales. "

Forbes also said in the communique that the company will retain its existing business name and will remain a privately-owned, independent company headquartered in the United States. Steve Forbes will retain chairman and managing editor, Mike Perlis, current president and chief executive, will continue to lead the company's management team.

After the investment is completed, previously owned by Forbes Media Group private equity fund company Elevation Partners LP's investment in Forbes Media will be completely withdrawn. It is understood that, Elevation Partners LP in 2006 for 264 million US dollars to buy a 45% stake in Forbes Media.

The transaction is expected to be completed during the year after meeting the usual delivery conditions.