A newly formed group of Hong Kong investors has taken a majority stake in Forbes Media, with a view to expanding its services into new areas.
Integrated Whale Media Investments, led by Tak Cheung Yam, chairman of Integrated Asset Management and Singapore-based Wayne Hsieh, co-founder of Asustek Computer, plan to gives the Forbes brand a capital and financial boost, to build on what it called the "wide and rapidly expanding appeal of the Forbes brand" that today reaches approximately 75 million people each month through print, digital, TV, conferences, research, social and mobile services.
Steve Forbes will maintain his role as chairman and editor-in-chief and current president and CEO Mike Perlis will continue to lead the company’s management team.
Forbes Media’s Asian business will continue to be directed out of Singapore under Forbes Media Asia CEO, Will Adamopoulos.
“This is a major milestone for the company and our family, and we’re pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company,” said Steve Forbes.
“Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism. The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team.
"I will remain deeply involved in the future of the company.”
Tak Cheung Yam, chairman and founder of IAM, said the investors are committed to the Forbes brand, history, family involvement and a management team that is successfully transforming the company.
"Forbes Media is built around a brand that is synonymous with success and a mission that has tremendous respect and global appeal in established and growing markets around the world. As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience,” he said.
“Given the tremendous growth of digital in the past decade, Forbes Media’s future plans will include additional internet and social media expansion projects."