US: Forbes sells itself to overseas investors

Forbes Media announced Friday it has reached an agreement with a consortium of foreign investors who will acquire a majority stake in the company.

Hong-Kong based investor group Whale Media Investments will acquire the majority stake, after which current shareholder Elevation Partners will fully exit ownership in Forbes.

According to the media conglomerate, Forbes will retain its name and continue to hold a “significant” stake in the company to maintain active involvement in business matters.

The parties expect to finalize the deal later this year; financial details of the buyout were not disclosed.

Full content: Forbes

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