Tags: Fosun | Forbes | magazine | buyout

Chinese Set to Buy Forbes Magazine for $250 million

Wednesday, 26 Feb 2014 11:43 PM

By Cathy Burke

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Chinese conglomerate Fosun International is said to be close to buying the Forbes media empire.

New York Post media columnist Keith Kelly quoted one source saying the deal — reportedly in the $250 million range — could be announced this week or early next week.

The Post noted Fosun already publishes the Chinese edition of Forbes magazine, which calls itself the "capitalist tool."

The Deal earlier reported the expected $250 million purchase price is far below the $400 million broker Deutsche Bank, which is handling the sale, expected to get.

The Post had already reported that editor-in-chief Steve Forbes may be staying on board with a minority stake up to 20 percent.

But what's not clear is the Forbes family would hold onto a stake as a bloc, the Post reported.

Forbes is likely to buy out relatives who have a stake in the company since that's the only way they'd get any return.

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