BUSINESS
Steve Forbes
Forbes Media sold to Asian investors
Roger Yu
USA TODAY
Forbes Media, which publishes business magazine Forbes and its website, said Friday it agreed to sell a majority stake to a group of investors in Asia, ending the Forbes family's 97-year control of the publishing company.
Financial terms weren't disclosed. The Forbes family will retain a "significant ownership" stake.
After the transaction, Elevation Partners, which bought a large minority stake in 2006, will fully exit its investment in Forbes Media.
The buyers include Integrated Asset Management, which was founded by Tak Cheung Yam. Another significant investor in IWM, Wayne Hsieh, is the co-founder of ASUSTeK Computer.
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