Steve Forbes

Thorin McGee is editor-in-chief and content director of Target Marketing and oversees editorial direction and product development for the magazine, website and other channels.

Forbes Media agreed on Friday to sell a majority stake in itself to a consortium of Asian investors, concluding a protracted sales process in which a number of prospective bidders dropped out.

The terms were not disclosed, but the transaction values Forbes Media at $475 million, said a person close to the deal.

Forbes's new controlling shareholders will be Integrated Whale Media Investments, a group that includes the Hong Kong investor Tak Cheung Yam and Wayne Hsieh, the Singaporean co-founder of Asustek Computer.

Forbes Media LLC's effort to find a buyer is running into trouble, with one potential bidder officially out of the running and two others no longer in active talks, people with knowledge of the matter said.

Germany's Axel Springer SE, which publishes the Russian edition of the magazine, isn't involved in any process to acquire Forbes, Edda Fels, a spokeswoman, said yesterday. The company had been interested in bidding for the New York-based publisher, people with knowledge of the matter said in February.

“Even if you have a successful paywall, the revenue you get will not come close to matching what you’re going to get on the advertising side,” Forbes Media chairman and former presidential candidate Steve Forbes told paidContent:UK.

Bill Baldwin, Forbes editor since January 1999, announced today (July 20) that he is relinquishing the position. He will maintain his association with the magazine as contributor, columnist and blogger. 

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