Forbes which is one of the biggest business magazines is said to be acquired soon. There have been exclusive talks between Forbes Magazine LLC and GSV Asset Management in acquiring the former company. Let’s look at the deal between Forbes Magazine LLC and GSV Asset Management.
Forbes GSV Deal
According to people with knowledge of the matter, Forbes Media LLB has entered into the deal which will lead to acquiring the company by GSV Asset Management which is led by Michael Moe. The deal will increase the valuation of Forbes Media by more than USD 600 million.
Some people who requested anonymity in their names as the information was private said that the transaction between the company is not yet finalized but is expected to come to an agreement in the coming months.
A spokesman of Forbes Mathew Hutchinson said in a statement that they have no comment but have seen the investors in showing consistent interest in the company that has produced 3 years of record results. A GSV Asset Management representative had declined to comment on a statement that said 2021 is shaping to be a strong year as well.
Forbes is an American based business magazine. The company was founded in the year 1917 which is based in New Jersey, United States. The magazine features original articles on the topics such as industry, investing, finance, marketing, etc.
The company also provides reports on related topics which include communications, technology, politics, law and science. The magazine was founded by Bertie Charles in the year 1917 and later the company prospered under his son Malcolm.
Later the company was taken over by Malcolm’s son, Steve who was the Chief Executive Officer and the President of Forbes and also the editor in chief of the magazine in the year 1990. The company is also involved in operating events. The brand has a worldwide reach of around 140 million people.
In the year 2014 Forbes Magazine was acquired by a Hong-Kong based company which is whale media Investments. The company owns the majority stake of 95 % in Forbes magazine and the Forbes family owns the minority stake of 5% in the company.
GSV Asset Management
GSV Asset Management portrays itself as a merchant banker which advises and invests in a wide range of businesses. The founder of GSV Asset Management is Moe who was a veteran of Silicon Valley and later grew to become an equity research analyst.
The company’s website indicated that the firm is a multi-product asset management firm that is devoted to finding and aligning the fastest growing and the most dynamic businesses across the globe. The term GSV stands for Global Silicon Valley.
Who is the founder of Forbes?
Bertie Charles founded Forbes in 1917.
Who owns Forbes India?
Reliance Industries owns Forbes India.
Who was Forbes?
The company was founded in 1917 by Bertie Charles Forbes and was taken over by Steve Forbes in 1990.
It is to be noted that Forbes Media isn’t the only media company for sale Even Tribune Publishing is said to in between a bidding war with Hotel Magnate Stewart Bainum and the hedge fund Alden Global.