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From Wikipedia, the free encyclopedia
For other uses, see Forbes (disambiguation).

Forbes
 The December 20, 2010 cover

of Forbes featuring WikiLeaks founder Julian Assange

Editor-in-chief Randall Lane

Editor Randall Lane[1]

Categories Business magazine

Frequency Twice quarterly

Total circulation 657,215[2]

(2020)

Founder B. C. Forbes

First issue September 15, 1917; 105 years ago

Company Whale Media Holdings

Country United States

Based in Jersey City, New Jersey, U.S.

 Language English

Website forbes.com

ISSN 0015-6914

The former headquarters of Forbes on 5th Avenue in Manhattan

(now owned by New York University)
Forbes (/fɔːrbz/) is an American business magazine owned by Integrated Whale Media
Investments and the Forbes family. Published eight times a year, it features articles on
finance, industry, investing, and marketing topics. Forbes also reports on related
subjects such as technology, communications, science, politics, and law. It is based
in Jersey City, New Jersey. Competitors in the national business magazine category
include Fortune and Bloomberg Businessweek. Forbes has an international edition in
Asia as well as editions produced under license in 27 countries and regions worldwide.
The magazine is well known for its lists and rankings, including of the richest Americans
(the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies
(the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The
World's Billionaires.[3] The motto of Forbes magazine is "Change the World".[4] Its chair
and editor-in-chief is Steve Forbes, and its CEO is Mike Federle.[5] In 2014, it was sold to
a Hong Kong-based investment group, Integrated Whale Media Investments. [6][7] As of
July 2023, it has been reported by Fortune that Austin Russell is attempting to acquire
82 percent of the company.[8] Neither Forbes nor Integrated Whale Media Investments
have confirmed the report.

Company history[edit]
 Forbes Building on Fifth Avenue in New York City (now owned by New
York University)
B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey,
the general manager of the Magazine of Wall Street,[9] founded Forbes magazine on
September 15, 1917.[10][11] Forbes provided the money and the name and Drey provided
the publishing expertise. The original name of the magazine was Forbes: Devoted to
Doers and Doings.[9] Drey became vice-president of the B.C. Forbes Publishing
Company,[12] while B.C. Forbes became editor-in-chief, a post he held until his death in
1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles
Forbes (1916–1964) and Malcolm Forbes (1917–1990).
Bruce Forbes took over after his father's death, and his strengths lay in streamlining
operations and developing marketing.[10] During his tenure, 1954–1964, the magazine's
circulation nearly doubled.[10]
On Bruce's death, his brother Malcolm Forbes became president and chief executive
officer of Forbes, and editor-in-chief of Forbes magazine.[13] Between 1961 and 1999 the
magazine was edited by James Michaels.[14] In 1993, under Michaels, Forbes was a
finalist for the National Magazine Award.[15] In 2006, an investment group Elevation
Partners that includes rock star Bono bought a minority interest in the company with a
reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine
and Forbes.com, along with other media properties, is now a part. [13][16] A 2009 New York
Times report said: "40 percent of the enterprise was sold... for a reported $300 million,
setting the value of the enterprise at $750 million." Three years later, Mark M. Edmiston
of AdMedia Partners observed, "It's probably not worth half of that now." [17] It was later
revealed that the price had been US$264 million.[18]
Sale of headquarters[edit]
In January 2010, Forbes reached an agreement to sell its headquarters building on Fifth
Avenue in Manhattan to New York University; terms of the deal were not publicly
reported, but Forbes was to continue to occupy the space under a five-year sale-
leaseback arrangement.[19] The company's headquarters moved to the Newport section
of downtown Jersey City, New Jersey, in 2014.[20][21]
Sale to Integrated Whale Media (51% stake)[edit]
In November 2013, Forbes Media, which publishes Forbes magazine, was put up for
sale.[22] This was encouraged by minority shareholders Elevation Partners. Sale
documents prepared by Deutsche Bank revealed that the publisher's 2012 earnings
before interest, taxes, depreciation, and amortization was US$15 million.
[23]
 Forbes reportedly sought a price of US$400 million.[23] In July 2014, the Forbes family
bought out Elevation and then Hong Kong-based investment group Integrated Whale
Media Investments purchased a 51 percent majority of the company. [6][7][18]
Isaac Stone Fish wrote in The Washington Post, "Since that purchase, there have been
several instances of editorial meddling on stories involving China that raise questions
about Forbes magazine's commitment to editorial independence." [24]
Failed SPAC merger and sale[edit]
On August 26, 2021, Forbes announced their plans to go public via a merger with
a special-purpose acquisition company called Magnum Opus Acquisition, and starting to
trade at the New York Stock Exchange as FRBS.[25] In February 2022, it was announced
that Cryptocurrency exchange Binance would acquire a $200 million stake in Forbes as
a result of the SPAC floatation.[26][27] In June 2022, the company terminated its SPAC
merger citing unfavorable market conditions.[28]
In August 2022, the company announced that it was exploring a sale of its business. [29] In
May 2023, Austin Russell, the billionaire founder of Luminar Technologies, is under
contract to acquire an 82 percent stake in a deal valuing the company at $800 million.
As of July 30th 2023 the deal has not closed or been acknowledged by either Forbes or
Whale Media.[8] His majority ownership includes the remaining portion of the company
owned by Forbes family which was not p