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Forbes Media to sell majority stake to Hong Kong Investment Group
Forbes Media, publisher of the magazine that is perhaps the most famous chronicler and evangelist for American-style capitalism, agreed Friday to sell a majority stake in itself to a consortium of Asian investors, concluding a protracted sales process in which a number of prospective bidders dropped out.
The terms were not disclosed, but the transaction values Forbes Media at $475 million, said a person close to the deal.
Forbes’ new controlling shareholders will be Integrated Whale Media Investments, a group that includes the Hong Kong investor Tak Cheung Yam and Wayne Hsieh, the Singaporean co-founder of AsusTek Computer.
The group hopes to leverage the Forbes brand, which has retained a gloss in Asia that it has lost in the United States, to do deals in real estate, business clubs and financial services.