Hong Kong / New York – After 97 years of family ownership, Forbes Media has announced it has sold a majority stake in the company to a Hong Kong-based group of international investors.

Forbes Media – which includes Forbes magazine – was sold to Integrated Whale Media Investments for an undisclosed sum.

The Forbes family said it would still have a “significant” stake.

Steve Forbes will remain as chairman and editor-in-chief.

“While today marks a fundamental turning point in this 97-year-old company founded by my grandfather, it should be seen as an opportunity to continue and strengthen our mission,” said Mr Forbes in a blog postannouncing the sale.

Forbes – which says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures – began looking for a buyer last November.

Forbes will continue to be headquartered in the US, but announced plans for an international expansion. Source: BBC