International media company Forbes has been acquired by private equity company Integrated Whale Media Investments in what is understood to be a $475m deal.
Forbes said that the Forbes family would maintain a “significant” ownership stake in the company and will work with the investor group to further increase market share of the existing Forbes Media product lines in media, digital, technology, as well as brand extensions.
Integrated Whale Media Investments is composed of international investors. The group is led by Integrated Asset Management (Asia) Limited. IAM was founded by Tak Cheung Yam and is a Hong Kong-based investment company primarily engaged in public and private equity investments, with expertise in telecommunications, finance and technology. Another significant investor in IWM, Wayne Hsieh is the co-founder of ASUSTeK Computer Inc based in Singapore.
Forbes said that the investor group would provide “capital, as well as financial and operational expertise, and intends to leverage its international relationships to strategically enlarge Forbes Media’s reach on a global scale”.
The Forbes brand currently reaches 75m people worldwide with its business message through print, digital, TV, conferences, research, social and mobile each month.
Steve Forbes will maintain his role as chairman and editor-in-chief, and current president and chief executive 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 chief executive for Asia, Will Adamopoulos.
Forbes said: “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.
“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.”
Mark Banham, London
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