Forbes sold to Asian investors
Source: CNN
Forbes, the iconic U.S. business publication that follows the rich and powerful, is being sold to a group of Asian investors.
Terms were not disclosed. But a source familiar with the deal said that it values the company at $475 million.
The Forbes family, which has owned the company since its founding in 1917, will continue to "retain a significant ownership stake."
The buyer is Hong Kong-based investor group Integrated Whale Media Investments. It's composed of international investors, including Singapore-based Wayne Hsieh, co-founder of a leading PC vendor.
Exiting from the company will be Elevation Partners, an investment group that has held a minority stake for the last eight years. Its investors include rock star Bono.
Read more: http://money.cnn.com/2014/07/18/media/forbes-sold/
Gee. What's going on when even Forbes sells out to the Chinese?
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and yet where are they to invest in our own country? We have small towns going bankrupt. We have big cities going or near bankruptcy yet the wealthy are again silent. We have charitable groups try to build those little dwellings to house people one at a time but the wealthy are again silent. Food pantries always need staples. Poor schools need another kind of staple like paper,toilet paper(gee I wonder who has access to many rolls of that!) but the silence to help this country is deafening. They,so much, love the country that has helped make them millionaires(and above) but they seem to lack the ambition to invest a portion(a wee dram even) to help others.
