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BUSINESS
Steve Forbes

Forbes Media sold to Asian investors

Roger Yu
USA TODAY
In this photo taken Sunday June 30, 2013, Steve Forbes, Editor-in-Chief of Forbes Media attends the launch of EbonyLife TV, Africaís first global black entertainment network in Lagos, Nigeria. Mo Abudu, who could be considered Africa's Oprah Winfrey, is launching an entertainment network that will be beamed into nearly every country on the continent with programs showcasing its burgeoning middle class. Mosunmola "Mo" Abudu wants EbonyLife TV to inspire Africans and the rest of the world, and change how viewers perceive the continent.

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.

Follow Roger Yu on Twitter: @RogerJYu

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