Steve Forbes to Keep Stake in Media Company After Sale

Wednesday, 19 Mar 2014 11:02 AM

By Melanie Batley

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Forbes Media Chairman Steve Forbes has told employees he will keep a minority stake in the company after it is sold, the New York Post reported.

Forbes made the announcement at a quarterly company town hall meeting on March 13, telling employees that he rejected several possible investors who thought they might go forward without him, according to the Post.

"He was pretty adamant," one source told the Post. "He said, 'I am going to be involved with the new owner.'"

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Late last month, the Post reported that a Chinese company, Fosun International, is the lead bidder with a $250 million offer on the table.

Forbes has not revealed the progress of a deal or confirmed the identity of the winning bidder but told staff there would be news "shortly," according to the Post. A spokesman also declined to reveal any details of talks, saying, "The process is ongoing."

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

If Fosun secures the deal with Forbes, it would be the first purchase of a Western media outlet by a Chinese company, according to the Post.

Forbes, along with siblings Timothy, Robert, Christopher, and Moira, gained control of the company when their father, Malcolm Forbes, died in 1990, with Steve being the majority stockholder.

One insider told the Post that Forbes gave the impression he would be the only family member to stay on with a new owner.

Forbes Media announced in November that it was considering the sale of the 96-year-old magazine.

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