46 lines
2.8 KiB
Markdown
46 lines
2.8 KiB
Markdown
---
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category: "Private Organization"
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aliases:
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- "Forbes Media"
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- "Forbes magazine"
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tags:
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- Organization
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- Media
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- Business
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- HongKong
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summary: "American business magazine whose owners sold a majority stake in 2014 to Integrated Whale Media Investments, a Hong Kong group, which in 2023 terminated a deal to sell it to Austin Russell."
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location: "New York City, New York, USA"
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relations:
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- type: owned
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with: "[[Integrated Whale Media Investments]]"
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reverse: true
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start: 2014
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fn: 1
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- type: owned
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with: "[[Elevation Partners]]"
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reverse: true
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end: 2014
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fn: 1
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- type: head_of
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with: "[[Steve Forbes]]"
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reverse: true
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role: "chairman and editor-in-chief"
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fn: 1
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created: 2026-09-23
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updated: 2026-09-23
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---
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Forbes is an American business magazine and media company published by Forbes Media LLC. [[Steve Forbes]] is its chairman and editor-in-chief.[^1]
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### Sale to Integrated Whale Media
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On July 18, 2014 Forbes Media announced that a group of international investors would buy a majority stake, that the Forbes family would keep "a significant ownership stake," and that the private equity firm [[Elevation Partners]] would "fully exit its investment." Terms were not disclosed. The buyer, the newly formed [[Hong Kong]] group [[Integrated Whale Media Investments]] (IWM), was led by [[Integrated Asset Management]] (Asia) Limited, founded by [[Tak Cheung Yam]]; another significant investor was [[Wayne Hsieh]], co-founder of [[ASUSTeK Computer]], based in [[Singapore]]. Yam said: "As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience."[^1]
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### Austin Russell bid
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In May 2023 [[Austin Russell]], founder and chief executive of [[Luminar Technologies]], whom Forbes had named the "world's youngest self-made billionaire" in 2021, agreed to buy 82 percent of Forbes Global Media Holdings at a valuation of nearly 800 million dollars. He missed the November 1, 2023 closing deadline, and on November 21 IWM terminated the agreement. *[[TechCrunch]]* reported that investors including India's [[Sun Group]], whose vice chairman [[Shiv Khemka]] had "committed to invest $300 million," "didn't wire the money they were contractually obligated to."[^2]
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### Footnotes
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[^1]: Forbes Corporate Communications. "Forbes Media Agrees To Sell Majority Stake To A Group Of International Investors To Accelerate The Company's Global Growth." *Forbes,* July 18, 2014. http://web.archive.org/web/20140718220248/http://www.forbes.com/sites/forbespr/2014/07/18/forbes-media-agrees-to-sell-majority-stake-to-a-group-of-international-investors-to-accelerate-the-companys-global-growth/
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[^2]: "Tech CEO Austin Russell's bid to buy Forbes fails." *TechCrunch,* November 21, 2023. https://techcrunch.com/2023/11/21/tech-ceo-austin-russells-bid-to-buy-forbes-fails/
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