![]() Isaac Stone Fish wrote in The Washington Post, "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence." Failed SPAC merger and sale In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company. Forbes reportedly sought a price of US$400 million. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 earnings before interest, taxes, depreciation, and amortization was US$15 million. This was encouraged by minority shareholders Elevation Partners. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. Sale to Integrated Whale Media (51% stake) The company's headquarters moved to the Newport section of downtown Jersey City, New Jersey, in 2014. In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth Avenue in Manhattan to New York University terms of the deal were not publicly reported, but Forbes was to continue to occupy the space under a five-year sale-leaseback arrangement. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It was later revealed that the price had been US$264 million. for a reported $300 million, setting the value of the enterprise at $750 million." Three years later, Mark M. A 2009 New York Times report said: "40 percent of the enterprise was sold. In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and, along with other media properties, is now a part. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. Between 19 the magazine was edited by James Michaels. On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine. During his tenure, 1954–1964, the magazine's circulation nearly doubled. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1917–1990).īruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing. Forbes became editor-in-chief, a post he held until his death in 1954. The original name of the magazine was Forbes: Devoted to Doers and Doings. Forbes provided the money and the name and Drey provided the publishing expertise. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street, founded Forbes magazine on September 15, 1917. Neither Forbes nor Integrated Whale Media Investments have confirmed the report.Ĭompany history Forbes Building on Fifth Avenue in New York City (now owned by New York University)ī. As of July 2023, it has been reported by Fortune that Austin Russell is attempting to acquire 82 percent of the company. ![]() In 2014, it was sold to a Hong Kong-based investment group, Integrated Whale Media Investments. Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. The motto of Forbes magazine is "Change the World". The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires. Forbes has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. Competitors in the national business magazine category include Fortune and Bloomberg Businessweek. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. The former headquarters of Forbes on 5th Avenue in Manhattan (now owned by New York University)įorbes ( / f ɔːr b z/) is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. The Decemcover of Forbes featuring WikiLeaks founder Julian Assange ![]()
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