Forbes Family to Sell Majority Stake in Its Media Empire

(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

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.