(Los Angeles Times/MCT) - The Forbes family is selling a controlling stake in its business-media dynasty to international investors.
Hong Kong-based Integrated Whale Media Investments is buying a majority stake in Forbes Media, a nearly century-old media empire that includes the iconic Forbes magazine and Forbes.com.
In announcing the deal Friday, Forbes did not disclose a sales price and said only that the family would retain a “significant interest.”
Current management, the company said, will remain in place, including Chairman and Editor-in-Chief Steve Forbes, a former presidential candidate.
The deal comes as print media struggles amid years of declining ad revenue.
Forbes said the investor group will increase the international reach of Forbes, which publishes a list of the world’s wealthiest people. The deal is expected to be completed this year, Forbes said.