Forbes, an iconic American financial media brand, will soon be largely owned by investors in Hong Kong.
Forbes Media announced Friday that it has agreed to sell a majority stake to a group of international investors led by Integrated Asset Management and including Wayne Hsieh, the cofounder of Asus.
The Forbes family, including longtime editor-in-chief and onetime aspiring politician Steve Forbes, 67, will hold onto a "significant" ownership stake in the company. Steve Forbes will continue to serve as the company's chairman and top editor.
In a statement, the family and its new majority owners framed the deal as a way to ensure Forbes' brand and journalistic operations continue to expand.
“Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism," Steve Forbes said in a statement. "The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team."
He added: "I will remain deeply involved in the future of the company.”
Forbes had reportedly been in talks for a deal since last fall. Fortune reported in February that Forbes had rebuffed a $175 million offer from Time Warner. Around the same time, The Deal reported that Forbes might be sold to Fosun for less than $250 million.
Terms of the majority sale were not disclosed on Friday, but sources close to the transaction said the deal valued Forbes at $475 million. Forbes Media declined to comment on the price.