Amid Media Doom and Gloom, Forbes Says Revenue Was Up and Profits Highest in a Decade
Forbes said it just had its most profitable year since it became Forbes Media in 2006. And now, the company, which is owned by Hong Kong investment firm Integrated Whale Media Investments, is looking to put more money toward making acquisitions and equity investments in startups.
In an interview with Digiday, Forbes Media CEO Mike Federle declined to name a specific revenue figure but said overall revenues were up by more than 18 percent — and profits were up by 42 percent — year over year. “A lot of my job is to make sure we are keeping investors happy, and we’ve done a good job of that,” Federle said.
With more money in the bank, Forbes Media is also eyeing acquisitions in media and tech companies. Last year, the company acquired The Memo, a London-based business magazine. The company also made two investments in companies that appeared in its “Under 30” lists but declined to specify the companies. Going forward, Forbes Media is looking to make one or two early-round investments or acquisitions per year, Federle said. Areas of interest include technology companies focused on artificial intelligence and blockchain, as well as “revenue and profit-positive” media companies, Federle said.