Most Forbes Media was acquired by Hong Kong Investment Group

Not long ago, according to foreign media reports, Forbes Media has been seeking to sell for more than a year and announced today that it has found a buyer: Hong Kong-based investment group Whale Media Investments has bought a majority stake in the company. Forbes Media is the Forbes magazine's parent company.

Informed sources said the deal for Forbes media valuation of 475 million US dollars.

Forbes media chairman and chief executive Steve Forbes said in an interview that the new investor will hold a majority stake in the company he used to be his family-owned company. When asked what "majority" means, Forbes states: "For me, 'most means more than 51%.'

Forbes media can find buyers at such prices, leaving many media watchers surprised. Last fall, when the company was still part of Time Warner, Time Inc. offered Forbes Media for $ 175 million. This year, Forbes raised its selling prices, but potential buyers, including German distributor Axel Springer. And China Fosun International, did not buy it.

In a paper distributed to prospective buyers last year, Forbes said it expects revenue in 2013 to be $ 145 million and profits of $ 21 million. Forbes media CEO Mike Perlis declined to comment on these numbers, but said he was determined to carry out the plan for the first time in six years.

In 2006, investment company Elevation Partners invested about 265 million U.S. dollars in a stake of about 45% in Forbes, but most of it was written off as Forbes magazine and other business magazines got in trouble. In a later deal, Elevation Partners sold the shares it held.

Forbes magazine's history dates back to 1917, but it did not become a mainstream media until the 1960s. Today, Forbes media's growth is heavily dependent on its website, which relies heavily on volunteer contributors who pay little or pay less. According to market research firm comScore, Forbes.com has 28.5 million users in the United States.

In the media industry, buyers are interested in Forbes Media, primarily on the high-volume, low-cost web-based platform the company has built in recent years, and the Forbes brand's appeal, especially for international audiences.

Integrated Whale Media Investments describes itself as "a newly formed, Hong Kong-based international investment group" under the leadership of Tak Cheung Yam, founder and chairman of Integrated Asset Management Asia. Wayne Hsieh, co-founder of Asustek Computer, is also one of the investors.

In a press release announcing the deal, Mr. Ren said his team invested in Forbes Media as "a management team that invests in the Forbes brand, history, family involvement and the successful transformation of the company." Forbes Media said the company's current management team, including Steve Forbes and Pollier, will remain in office.

(Liu Chun)