Forbes Media LLC has inked an agreement to sell majority stake in the company to a Hong Kong-based investor group Integrated Whale Media Investments led by Integrated Asset Management (Asia) Limited. Asus co-founder Wayne Hsieh is also a significant investor in this group. While the deal size was not disclosed, The Wall Street Journal cites sources to peg the price at more than $300 million, valuing the company at $475 million. As per the agreement, the Forbes family will continue to own "significant stake" and will stay "actively involved in Forbes Media". The family will apparently work with the investor group to increase the market share of the existing Forbes Media products in media, digital, technology segments as well as brand extensions. This investor group will provide capital, financial and operational expertise and intends to use its international relationships to improve Forbes Media’s reach globally. The company will continue to retain its operating name and the current management team which includes chairman & editor-in-chief Steve Forbes and CEO Mike Perlis will remain unchanged. Forbes Media's Asia business will also continue to be headed by Will Adamopoulos based out of Singapore. Investor Elevation Partners is however exiting the company following this transaction. Elevation Partners had previously invested $265 million for a 45% stake in Forbes way back in 2006, however it had subsequently wrote down more than 75% of its investment, as indicated by a Fortune report. The group’s flagship magazine has been struggling to maintain its readership in recent times with advertisers and readers alike shifting to digital media. The magazine’s…
