This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Forbes Sells Majority Stake to Asian Investment Group

NEW YORK (The Deal) -- Concluding an auction that had turned notably quiet in recent months, Forbes Media said Friday that overseas group Integrated Whale Media Investments will take a majority stake in the business news organization.

Forbes declined to comment on the price, but a source familiar with the matter said that the enterprise value of the company is $475 million.

Integrated Whale Media includes Hong Kong-based telecommunications, finance and technology investment group Integrated Asset Management (Asia) Ltd. and Wayne Hsieh, the co-founder of Singapore computer circuit make and vendor ASUSTeK Computer Inc.

The new backer replaces Elevation Partners in the ownership group of Forbes. Elevation Partners, which includes former Apple (AAPL) executive Fred Anderson and U2 singer Bono among its management, invested $264 million in Forbes in 2006 and is exiting through the deal announced Friday.

Steve Forbes will continue as chairman and editor-in-chief, and his family will retain what it terms a "significant" interest in the company. Forbes' grandfather founded the publication in 1917.

In addition to providing capital, Forbes said that its new sponsor group would "leverage its international relationships" to expand the media company's reach overseas.

"As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience," Integrated Asset Management chairman and founder Tak Cheung Yam said in a press release.

Forbes said Friday that it turns a profit and that the company recorded its best performance in six years in 2013. In 2012, the company refinanced its debt with a credit facility from Chicago-based Monroe Capital.

The publisher hired Deutsche Bank (DB) to explore a sale last November. At the time, CEO Mike Perlis attributed the move to inquiries from outside groups. "The frequency and serious nature of these overtures have brought us to a decision point," he wrote.

Earlier this year, groups including Chinese conglomerate Fosun International , Singapore investment vehicle Spice Global and German media company Axel Springer Group were viewed as potential buyers.

In addition to Thomas Cho and Emmanuel DeSousa at Deutsche Bank, Forbes retained Cadwalader, Wickersham & Taft lawyers Chris Cox, William Mills, Gregory Patti Jr., David Miller, Richard Nugent, Dorothy Auth and Dale Turza.

Whale Media Investments retained Credit Suisse (Hong Kong).

A Skadden, Arps, Slate, Meagher & Flom team including Daniel Dusek, Jonathan Stone, Howard Ellin, Steven Matays, Stephanie Teicher and Ivan Schlager provided counsel to the investors. The investors also hired LKP Global Law. RSM Nelson Wheeler provided financial and tax due diligence to the investors.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,028.52 -2.62 -0.02%
S&P 500 1,986.86 +2.73 0.14%
NASDAQ 4,521.5590 +2.6570 0.06%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs