Forbes to divest majority stake to Hong Kong investors

The publisher of Forbes magazine has agreed to sell a majority stake of its media business to a Hong Kong-based group of investors for an undisclosed sum, the publication reported.

The announcement ends an eight-month hunt for a buyer for the company.

The founders of the magazine, the Forbes family is retaining a "significant" interest in the company and would remain an active part of its management, with Steve Forbes to stay on as chairman and editor-in-chief.

The buyer, a newly-formed consortium from Hong Kong called Integrated Whale Media Investments, is led by Integrated Asset Management, an investment company focused on technology, finance and telecommunications sectors, and Wayne Hsieh, the co-founder of Asustek Computer Inc.

According to report, it would retain its name and would remain a privately-held, independent company headquartered in the US. Chief executive officer Mike Perlis would continue to lead the company's management team. Forbes' Asian business would continue to be directed from Singapore under Forbes Media's Asia CEO Will Adamopoulos.

"Our partners respect our brand and values, and support our long-standing mission of championing entrepreneurship and free market capitalism through quality, independent business journalism," Steve Forbes said in a statement.

With advertisers and consumers and advertisers turning away from print to digital media, Forbes' publishers had had to deal with several issues from the shift like other magazine publishers.

Privately-held Forbes Media LLC, controlled by the Forbes family, includes Forbes magazine, covering wealth and finance since 1917. Other publications include Forbes Asia, ForbesLife and Forbes.com.

The group is known for its annual lists of global billionaires and the richest people in the US.