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Forbes

January 18, 2024

For other uses, see Forbes (disambiguation).

Forbes (/fɔːrbz/) is an American business magazine founded by B.C. Forbes in 1917 and owned by Hong Kong-based investment group Integrated Whale Media Investments since 2014.[3][4] Its chairperson and editor-in-chief is Steve Forbes, and its CEO is Mike Federle.[5] It is based in Jersey City, New Jersey. Competitors in the national business magazine category include Fortune and Bloomberg Businessweek.

Forbes
The December 20, 2010, cover of Forbes, featuring WikiLeaks founder Julian Assange
EditorRandall Lane[1]
CategoriesBusiness magazine
FrequencyTwice quarterly
PublisherForbes Media
Total circulation
(2020)		657,215[2]
FounderB. C. Forbes
First issueSeptember 15, 1917; 106 years ago (1917-09-15)
CompanyIntegrated Whale Media Investments
CountryUnited States
Based inJersey City, New Jersey, U.S.
LanguageEnglish
Websiteforbes.com
ISSN0015-6914

Published eight times a year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is known for its lists and rankings, including of the richest Americans (the Forbes 400), the 30 most notable young people under the age of 30 (Forbes 30 under 30), America's Wealthiest Celebrities, the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires.[6] The motto of Forbes magazine is "Change the World".[7]

In May 2023, Fortune reported that Austin Russell was attempting to acquire 82 percent of the company.[8] The transaction attracted scrutiny by the Committee on Foreign Investment in the United States. Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction.[9]

Company history edit

 
Forbes Building on Fifth Avenue in New York City, the former headquarters of Forbes in Manhattan (now owned by New York University)
 
Forbes Media headquarters at 499 Washington Blvd, Jersey City since 2014

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,[10] founded Forbes magazine on September 15, 1917.[11][12] 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.[10] Drey became vice-president of the B.C. Forbes Publishing Company,[13] 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.[11] During his tenure, 1954–1964, the magazine's circulation nearly doubled.[11]

On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine.[14] Between 1961 and 1999 the magazine was edited by James Michaels.[15] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award.[16] 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.[14][17] 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."[18] It was later revealed that the price had been US$264 million.[19]

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.[20] The company's headquarters moved to the Newport section of downtown Jersey City, New Jersey, in 2014.[21][22]

Sale to Integrated Whale Media (51% stake) edit

In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale.[23] 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.[24] Forbes reportedly sought a price of US$400 million.[24] 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.[3][4][19]

In 2017, Isaac Stone Fish, a senior fellow of the Asia Society, wrote in The Washington Post that "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."[25]

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.[26] In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $200 million stake in Forbes as a result of the SPAC flotation.[27][28] In June 2022, the company terminated its SPAC merger citing unfavorable market conditions.[29]

In August 2022, the company announced that it was exploring a sale of its business.[30] In May 2023, it was announced that billionaire Austin Russell, founder of Luminar Technologies, was under contract to acquire an 82 percent stake in a deal valuing the company at $800 million.[9] His majority ownership was to include the remaining portion of the company owned by Forbes family which was not previously sold to Integrated Whale Media.[31] In November 2023, the deal collapsed, as Russell was unable to put together the necessary funds.[32]

Other publications edit

Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and 45 local language editions,[33] including:

  • Forbes Africa
  • Forbes África Lusófona
  • Forbes Afrique
  • Forbes Argentina
  • Forbes Australia
  • Forbes Austria
  • Forbes Baltics
  • Forbes Brazil
  • Forbes Bulgaria
  • Forbes Central America
  • Forbes Colombia
  • Forbes Chile
  • Forbes China
  • Forbes Czech
  • Forbes Dominican Republic
  • Forbes Ecuador
  • Forbes En Español
  • Forbes Estonia
  • Forbes France
  • Forbes Georgia
  • Forbes Greece
  • Forbes Hungary
  • Forbes India
  • Forbes Indonesia
  • Forbes Israel
  • Forbes Italy
  • Forbes Japan
  • Forbes Kazakhstan
  • Forbes Korea
  • Forbes Latvia
  • Forbes Lithuania
  • Forbes Lusophone Africa
  • Forbes Mexico
  • Forbes Middle East
  • Forbes Monaco
  • Forbes Perú
  • Forbes Poland
  • Forbes Portugal
  • Forbes Romania
  • Forbes Russia
  • Forbes Slovakia
  • Forbes Spain
  • Forbes Thailand
  • Forbes Ukraine
  • Forbes Uruguay
  • Forbes Vietnam

Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman, a quarterly magazine published by Steve Forbes's daughter, Moira Forbes, with a companion Web site.[18]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007.[34]

The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007.[35] Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008.[36]

Forbes has published the Forbes Travel Guide since 2009.

In 2013, Forbes licensed its brand to Ashford University, and assisted them to launch the Forbes School of Business & Technology.[37] Forbes Media CEO Mike Federle justified the licensing in 2018, stating that "Our licensing business is almost a pure-profit business, because it's an annual annuity."[38] Forbes would launch limited promotions for the school in limited issues. Forbes would never formally endorse the school.

On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within the app.[39]

Forbes.com edit

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site.[40] The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering".[18]

As of 2019 the company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing.[41] This business model, in place since 2010,[42] "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism.[41] Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022.[43]

Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website.[44] Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$100,000, according to the company.[44] The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging of public relations material as news.[43] Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue.[45] Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web. In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place.[46]

David Churbuck founded Forbes's web site in 1996. The site uncovered Stephen Glass's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's popularity.[47][better source needed]

Currently, the website also blocks internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access is granted.[48] Forbes argues that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site.[49]

Forbes won the 2020 Webby People's Voice Award for Business Blog/Website.[50]

Forbes8 edit

In November 2019, Forbes launched a streaming platform Forbes8, aimed for entrepreneurs.[51][52] In 2020, the network announced the release of several documentary series including Forbes Rap Mentors, Driven Against the Odds, Indie Nation and Titans on the Rocks.[53][54]

See also edit

References edit

  1. ^ Romenesko, Jim (August 9, 2011). . Poynter.org. Archived from the original on February 22, 2014.
  2. ^ . Alliance for Audited Media. Archived from the original on October 13, 2020.
  3. ^ a b "Forbes Media Agrees To Sell Majority Stake to a Group of International Investors To Accelerate The Company's Global Growth". Forbes (Press release). July 18, 2014. Retrieved July 24, 2015.
  4. ^ a b . Recode. July 18, 2014. Archived from the original on January 24, 2017. Retrieved August 27, 2018.
  5. ^ Silva, Emma (November 30, 2017). "Mike Federle Succeeds Mike Perlis As CEO Of Forbes". Folio.
  6. ^ Delbridge, Emily (November 21, 2019). "The 8 Best Business Magazines of 2020". The Balance Small Business. New York City: Dotdash. Best for Lists: Forbes. Retrieved February 8, 2020.
  7. ^ "'Forbes' Launches New Tagline, Brand Campaign". MediaPostb. October 24, 2012. Retrieved January 24, 2020.
  8. ^ "Forbes to be acquired by Luminar Technologies' Austin Russell". Axios. May 12, 2023. Retrieved December 22, 2023.
  9. ^ a b "Russian tycoon claims he is behind Forbes purchase, audiotapes show". The Washington Post. October 20, 2023. Retrieved October 22, 2023.
  10. ^ a b Praneeth (July 6, 2007). "Notes of a Business Quizzer: Forbes". Retrieved August 27, 2018.
  11. ^ a b c Gorman, Robert F. (ed.) (2007) "September 15, 1917: Forbes Magazine is founded" The Twentieth Century, 1901–1940 (Volume III) Salem Press, Pasadena, California, pp.1374–1376, p. 1375, ISBN 978-1-58765-327-8
  12. ^ (PDF). Forbes Middle East. Archived from the original (PDF) on November 5, 2014. Retrieved September 18, 2014.
  13. ^ Commerce and Industry Association of New York (November 18, 1922) "The Association Prepares for New Demands: The Volunteer Workers" Greater New York: Bulletin of the Merchants' Association of New York Commerce and Industry Association of New York City, p. 6, OCLC 2447287
  14. ^ a b 'Forbes Announce Elevation Partners Investment in Family Held Company' August 13, 2006, at the Wayback Machine Elevation Partners press release, August 6, 2006.
  15. ^ Pérez-Peña, Richard (October 4, 2007). "James Michaels, Longtime Forbes Editor, Dies at 86". The New York Times. Retrieved January 5, 2008.
  16. ^ . Archived from the original on May 26, 2011. Retrieved January 5, 2008.
  17. ^ . Bloomberg BusinessWeek. Archived from the original on August 9, 2006. Retrieved January 5, 2008.
  18. ^ a b c Carr, David (June 14, 2009). "Even Forbes is Pinching Pennies". The New York Times. from the original on April 1, 2012. Retrieved June 15, 2009.
  19. ^ a b Trachtenberg, Jeffrey A (July 19, 2014). "Forbes sold to Asian investors". MarketWatch. Market Watch, Inc. from the original on July 20, 2014. Retrieved June 18, 2017.
  20. ^ "Forbes Sells Building to N.Y.U." New York Times Media Decoder. January 7, 2010. Retrieved February 5, 2013.
  21. ^ Schneider, Mike (December 18, 2014). "Forbes Moves Across the Hudson to Jersey City". WNET – NJTV. Retrieved June 14, 2015.
  22. ^ "Forbes moving into Jersey City offices on Monday, report says". The Jersey Journal. December 11, 2014. Retrieved June 14, 2015.
  23. ^ Haughney, Christine; Gelles, David (November 15, 2013). "Forbes Says It Is for Sale". The New York Times. from the original on November 16, 2013. Retrieved November 25, 2013.
  24. ^ a b Doctor, Ken (January 16, 2014). "The Newsonomics of Forbes' real performance and price potential". Nieman Lab.
  25. ^ Fish, Isaac Stone (December 14, 2017). "Chinese ownership is raising questions about the editorial independence of a major U.S. magazine". The Washington Post. Archived from the original on December 15, 2017. Retrieved November 22, 2020. When a Chinese company buys a major American magazine, does the publication censor its coverage of China? There is only one example so far, and the results are discouraging. In 2014, a Hong Kong-based investment group called Integrated Whale Media purchased a majority stake in Forbes Media, one of the United States' best-known media companies. It's hard to demonstrate causality in such cases. But 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.
  26. ^ Burtsztynsky, Jessica (August 26, 2021). "Forbes announces plan to go public via SPAC". CNBC. Retrieved August 26, 2021.
  27. ^ Wilson, Tom (February 10, 2022). "Crypto exchange Binance to invest $200 mln in U.S. media firm Forbes". Reuters – via www.reuters.com.
  28. ^ Osipovich, Alexander (February 10, 2022). "Crypto Exchange Binance to Invest $200 Million in Forbes". Wall Street Journal – via www.wsj.com.
  29. ^ Ramkumar, Amrith (June 1, 2022). "SeatGeek and Forbes Nix SPAC Deals During Market Pullback". The Wall Street Journal.
  30. ^ Mullin, Benjamin; Hirsch, Lauren (August 2, 2022). "Forbes Explores Sale After SPAC Deal Collapses". The New York Times.
  31. ^ Bruell, Alexandra (May 12, 2023). "Automotive Tech Billionaire Austin Russell to Acquire Majority Stake in Forbes". The Wall Street Journal.
  32. ^ Fischer, Sara (November 21, 2023). "Forbes deal dead as Austin Russell fails to raise cash by deadline". Axios.
  33. ^ "Forbes.com Footer". Forbes.
  34. ^ . Archived from the original on September 3, 2014. Retrieved September 1, 2014.
  35. ^ McGrath, Charles (May 17, 2007). "Magazine Suspends Its Run in History". The New York Times.
  36. ^ . American Heritage. Archived from the original on December 30, 2010.
  37. ^ "Forbes School of Business & Technology Board of Advisors". University of Arizona Global Campus. Retrieved April 22, 2021.
  38. ^ Patel, Sahil (December 21, 2018). "Amid media doom and gloom, Forbes says revenue was up and profits highest in a decade". Digiday. Retrieved May 12, 2019.
  39. ^ "Forbes is the first magazine to launch its own social network site". Forbes. January 6, 2014.
  40. ^ Edmonston, Peter (August 28, 2006). "At Forbes.com, Lots of Glitter but Maybe Not So Many Visitors". The New York Times. Retrieved May 2, 2011.
  41. ^ a b Hsu, Tiffany (July 19, 2019). "Jeffrey Epstein pushed a new narrative; these sites published it". The New York Times. Retrieved August 22, 2023.
  42. ^ Sonderman, Jeff (May 29, 2012). "What the Forbes model of contributed content means for journalism". Poynter. Retrieved August 22, 2023.
  43. ^ a b Benton, Joshua (February 9, 2022). "An incomplete history of Forbes.com as a platform for scams, grift, and bad journalism". Nieman Lab. Retrieved August 22, 2023.
  44. ^ a b Bartlett, Rachel (September 26, 2013). "The Forbes contributor model: Technology, feedback and incentives". journalism.co.uk. Retrieved October 13, 2013.
  45. ^ . emedia. Archived from the original on November 9, 2013.
  46. ^ Weissman, Cale (July 23, 2018). "Forbes deleted its controversial article about Amazon replacing libraries". Fast Company.
  47. ^ . Gawker. Archived from the original on February 18, 2008. Retrieved January 5, 2008.
  48. ^ Bloomberg, Jason. "Ad Blocking Battle Drives Disruptive Innovation". Forbes. Retrieved April 14, 2017.
  49. ^ Hruska, Joel. "Forbes forces readers to turn off ad blockers, promptly serves malware". Extreme Tech. Retrieved April 14, 2017.
  50. ^ Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. Retrieved May 22, 2020.
  51. ^ Releases, Forbes Press. "Forbes8, Forbes' On-Demand Video Network For Entrepreneurs, Debuts New Slate Of Original Content". Forbes. Retrieved August 5, 2020.
  52. ^ Kene-Okafor, Tage (May 25, 2020). "Forbes8 launches digital startup accelerator, calls for applications". Techpoint Africa. Retrieved August 5, 2020.
  53. ^ "Forbes8 Original Series: 6 icons of entrepreneurship show you how to become your own boss". Grit Daily News. October 23, 2019. Retrieved August 5, 2020.
  54. ^ "Forbes Councils". Forbes. Retrieved February 9, 2022.

Further reading edit

  • Merid, Fevin (2023) "Big Business: The disarray and discontent at Forbes" Columbia Journalism Review [1]
  • Benton, Joshua (2022) "An incomplete history of Forbes.com as a platform for scams, grift, and bad journalism" NiemanLabs [2]
  • Forbes, Malcolm S. (1973). Fact and Comment. Knopf, New York, ISBN 0-394-49187-4; twenty-five years of the editor's columns from Forbes
  • Grunwald, Edgar A. (1988). The Business Press Editor. New York University Press, New York, ISBN 0-8147-3016-7
  • Holliday, Karen Kahler (1987). A Content Analysis of Business Week, Forbes and Fortune from 1966 to 1986. Master's of Journalism thesis from Louisiana State University, Baton Rouge, 69 pages, OCLC 18772376, available on microfilm
  • Kohlmeier, Louis M.; Udell, Jon G. and Anderson, Laird B. (eds.) (1981). Reporting on Business and the Economy. Prentice-Hall, Englewood Cliffs, New Jersey, ISBN 0-13-773879-X
  • Kurtz, Howard (2000). The Fortune Tellers: Inside Wall Street's Game of Money, Media, and Manipulation. Free Press, New York, ISBN 0-684-86879-2
  • Pinkerson, Stewart (2011). The Fall of the House of Forbes: The Inside Story of the Collapse of a Media Empire. New York City: St. Martin's Press. ISBN 978-0312658595.
  • Tebbel, John William and Zuckerman, Mary Ellen (1991). The Magazine in America, 1741–1990. Oxford University Press, New York, ISBN 0-19-505127-0
  • Parsons, D. W. (1989). The Power of the Financial Press: Journalism and Economic Opinion in Britain and America. Rutgers University Press, New Jersey, ISBN 0-8135-1497-5

External links edit

 
Wikimedia Commons has media related to Forbes.
  • Official website  

January 18, 2024
forbes, other, uses, disambiguation, ɔːr, american, business, magazine, founded, 1917, owned, hong, kong, based, investment, group, integrated, whale, media, investments, since, 2014, chairperson, editor, chief, steve, mike, federle, based, jersey, city, jerse. For other uses see Forbes disambiguation Forbes f ɔːr b z is an American business magazine founded by B C Forbes in 1917 and owned by Hong Kong based investment group Integrated Whale Media Investments since 2014 3 4 Its chairperson and editor in chief is Steve Forbes and its CEO is Mike Federle 5 It is based in Jersey City New Jersey Competitors in the national business magazine category include Fortune and Bloomberg Businessweek ForbesThe December 20 2010 cover of Forbes featuring WikiLeaks founder Julian AssangeEditorRandall Lane 1 CategoriesBusiness magazineFrequencyTwice quarterlyPublisherForbes MediaTotal circulation 2020 657 215 2 FounderB C ForbesFirst issueSeptember 15 1917 106 years ago 1917 09 15 CompanyIntegrated Whale Media InvestmentsCountryUnited StatesBased inJersey City New Jersey U S LanguageEnglishWebsiteforbes comISSN0015 6914Published eight times a year Forbes features articles on finance industry investing and marketing topics It also reports on related subjects such as technology communications science politics and law It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide The magazine is known for its lists and rankings including of the richest Americans the Forbes 400 the 30 most notable young people under the age of 30 Forbes 30 under 30 America s Wealthiest Celebrities the world s top companies the Forbes Global 2000 Forbes list of the World s Most Powerful People and The World s Billionaires 6 The motto of Forbes magazine is Change the World 7 In May 2023 Fortune reported that Austin Russell was attempting to acquire 82 percent of the company 8 The transaction attracted scrutiny by the Committee on Foreign Investment in the United States Russell denied reports that Russian businessman Magomed Musaev was involved in the transaction 9 Contents 1 Company history 1 1 Sale of headquarters 1 2 Sale to Integrated Whale Media 51 stake 1 3 Failed SPAC merger and sale 2 Other publications 3 Forbes com 4 Forbes8 5 See also 6 References 7 Further reading 8 External linksCompany history edit nbsp Forbes Building on Fifth Avenue in New York City the former headquarters of Forbes in Manhattan now owned by New York University nbsp Forbes Media headquarters at 499 Washington Blvd Jersey City since 2014 B C Forbes a financial columnist for the Hearst papers and his partner Walter Drey the general manager of the Magazine of Wall Street 10 founded Forbes magazine on September 15 1917 11 12 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 10 Drey became vice president of the B C Forbes Publishing Company 13 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 11 During his tenure 1954 1964 the magazine s circulation nearly doubled 11 On Bruce s death his brother Malcolm Forbes became president and chief executive officer of Forbes and editor in chief of Forbes magazine 14 Between 1961 and 1999 the magazine was edited by James Michaels 15 In 1993 under Michaels Forbes was a finalist for the National Magazine Award 16 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 14 17 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 18 It was later revealed that the price had been US 264 million 19 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 20 The company s headquarters moved to the Newport section of downtown Jersey City New Jersey in 2014 21 22 Sale to Integrated Whale Media 51 stake edit In November 2013 Forbes Media which publishes Forbes magazine was put up for sale 23 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 24 Forbes reportedly sought a price of US 400 million 24 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 3 4 19 In 2017 Isaac Stone Fish a senior fellow of the Asia Society wrote in The Washington Post that 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 25 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 26 In February 2022 it was announced that Cryptocurrency exchange Binance would acquire a 200 million stake in Forbes as a result of the SPAC flotation 27 28 In June 2022 the company terminated its SPAC merger citing unfavorable market conditions 29 In August 2022 the company announced that it was exploring a sale of its business 30 In May 2023 it was announced that billionaire Austin Russell founder of Luminar Technologies was under contract to acquire an 82 percent stake in a deal valuing the company at 800 million 9 His majority ownership was to include the remaining portion of the company owned by Forbes family which was not previously sold to Integrated Whale Media 31 In November 2023 the deal collapsed as Russell was unable to put together the necessary funds 32 Other publications editApart from Forbes and its lifestyle supplement Forbes Life other titles include Forbes Asia and 45 local language editions 33 including Forbes Africa Forbes Africa Lusofona Forbes Afrique Forbes Argentina Forbes Australia Forbes Austria Forbes Baltics Forbes Brazil Forbes Bulgaria Forbes Central America Forbes Colombia Forbes Chile Forbes China Forbes Czech Forbes Dominican Republic Forbes Ecuador Forbes En Espanol Forbes Estonia Forbes France Forbes Georgia Forbes Greece Forbes Hungary Forbes India Forbes Indonesia Forbes Israel Forbes Italy Forbes Japan Forbes Kazakhstan Forbes Korea Forbes Latvia Forbes Lithuania Forbes Lusophone Africa Forbes Mexico Forbes Middle East Forbes Monaco Forbes Peru Forbes Poland Forbes Portugal Forbes Romania Forbes Russia Forbes Slovakia Forbes Spain Forbes Thailand Forbes Ukraine Forbes Uruguay Forbes Vietnam Steve Forbes and his magazine s writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio Other company groups include Forbes Conference Group Forbes Investment Advisory Group and Forbes Custom Media From the 2009 Times report Steve Forbes recently returned from opening up a Forbes magazine in India bringing the number of foreign editions to 10 In addition that year the company began publishing ForbesWoman a quarterly magazine published by Steve Forbes s daughter Moira Forbes with a companion Web site 18 The company formerly published American Legacy magazine as a joint venture although that magazine separated from Forbes on May 14 2007 34 The company also formerly published American Heritage and Invention amp Technology magazines After failing to find a buyer Forbes suspended publication of these two magazines as of May 17 2007 35 Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008 36 Forbes has published the Forbes Travel Guide since 2009 In 2013 Forbes licensed its brand to Ashford University and assisted them to launch the Forbes School of Business amp Technology 37 Forbes Media CEO Mike Federle justified the licensing in 2018 stating that Our licensing business is almost a pure profit business because it s an annual annuity 38 Forbes would launch limited promotions for the school in limited issues Forbes would never formally endorse the school On January 6 2014 Forbes magazine announced that in partnership with app creator Maz it was launching a social networking app called Stream Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes com within the app 39 Forbes com editForbes com is part of Forbes Digital a division of Forbes Media LLC Forbes s holdings include a portion of RealClearPolitics Together these sites reach more than 27 million unique visitors each month Forbes com employs the slogan Home Page for the World s Business Leaders and claimed in 2006 to be the world s most widely visited business web site 40 The 2009 Times report said that while one of the top five financial sites by traffic throwing off an estimated 70 million to 80 million a year in revenue it never yielded the hoped for public offering 18 As of 2019 the company published 100 articles each day produced by 3 000 outside contributors who were paid little or nothing 41 This business model in place since 2010 42 changed their reputation from being a respectable business publication to a content farm according to Damon Kiesow the Knight Chair in digital editing and producing at the University of Missouri School of Journalism 41 Similarly Harvard University s Nieman Lab deemed Forbes a platform for scams grift and bad journalism as of 2022 43 Forbes com uses a contributor model in which a wide network of contributors writes and publishes articles directly on the website 44 Contributors are paid based on traffic to their respective Forbes com pages the site has received contributions from over 2 500 individuals and some contributors have earned over US 100 000 according to the company 44 The contributor system has been criticized for enabling pay to play journalism and the repackaging of public relations material as news 43 Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice which accounts for more than 10 percent of its digital revenue 45 Forbes com also publishes subscription investment newsletters and an online guide to web sites Best of the Web In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed and Amazon should open bookstores in their place 46 David Churbuck founded Forbes s web site in 1996 The site uncovered Stephen Glass s journalistic fraud in The New Republic in 1998 an article that drew attention to internet journalism At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010 it exposed the California runaway Prius as a hoax as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota s cars gone bad The site like the magazine publishes many lists focusing on billionaires and their possessions especially expensive homes a critical aspect of the website s popularity 47 better source needed Currently the website also blocks internet users using ad blocking software from accessing articles demanding that the website be put on the ad blocking software s whitelist before access is granted 48 Forbes argues that this is done because customers using ad blocking software do not contribute to the site s revenue Malware attacks have been noted to occur from the Forbes site 49 Forbes won the 2020 Webby People s Voice Award for Business Blog Website 50 Forbes8 editIn November 2019 Forbes launched a streaming platform Forbes8 aimed for entrepreneurs 51 52 In 2020 the network announced the release of several documentary series including Forbes Rap Mentors Driven Against the Odds Indie Nation and Titans on the Rocks 53 54 See also editForbes 30 Under 30 Forbes 400 Forbes 500 Forbes Global 2000 The World s Billionaires World s 100 Most Powerful Women World s Most Powerful PeopleReferences edit Romenesko Jim August 9 2011 Randall Lane returns to Forbes as editor Poynter org Archived from the original on February 22 2014 Consumer Magazines Alliance for Audited Media Archived from the original on October 13 2020 a b Forbes Media Agrees To Sell Majority Stake to a Group of International Investors To Accelerate The Company s Global Growth Forbes Press release July 18 2014 Retrieved July 24 2015 a b Forbes Sells to Hong Kong Investment Group Recode July 18 2014 Archived from the original on January 24 2017 Retrieved August 27 2018 Silva Emma November 30 2017 Mike Federle Succeeds Mike Perlis As CEO Of Forbes Folio Delbridge Emily November 21 2019 The 8 Best Business Magazines of 2020 The Balance Small Business New York City Dotdash Best for Lists Forbes Retrieved February 8 2020 Forbes Launches New Tagline Brand Campaign MediaPostb October 24 2012 Retrieved January 24 2020 Forbes to be acquired by Luminar Technologies Austin Russell Axios May 12 2023 Retrieved December 22 2023 a b Russian tycoon claims he is behind Forbes purchase audiotapes show The Washington Post October 20 2023 Retrieved October 22 2023 a b Praneeth July 6 2007 Notes of a Business Quizzer Forbes Retrieved August 27 2018 a b c Gorman Robert F ed 2007 September 15 1917 Forbes Magazine is founded The Twentieth Century 1901 1940 Volume III Salem Press Pasadena California pp 1374 1376 p 1375 ISBN 978 1 58765 327 8 Media Kit 2013 PDF Forbes Middle East Archived from the original PDF on November 5 2014 Retrieved September 18 2014 Commerce and Industry Association of New York November 18 1922 The Association Prepares for New Demands The Volunteer Workers Greater New York Bulletin of the Merchants Association of New York Commerce and Industry Association of New York City p 6 OCLC 2447287 a b Forbes Announce Elevation Partners Investment in Family Held Company Archived August 13 2006 at the Wayback Machine Elevation Partners press release August 6 2006 Perez Pena Richard October 4 2007 James Michaels Longtime Forbes Editor Dies at 86 The New York Times Retrieved January 5 2008 National Magazine Awards Database Archived from the original on May 26 2011 Retrieved January 5 2008 NussbaumOnDesign Bono Buys into Forbes Launches Product Red in US and Expands His Brand Bloomberg BusinessWeek Archived from the original on August 9 2006 Retrieved January 5 2008 a b c Carr David June 14 2009 Even Forbes is Pinching Pennies The New York Times Archived from the original on April 1 2012 Retrieved June 15 2009 a b Trachtenberg Jeffrey A July 19 2014 Forbes sold to Asian investors MarketWatch Market Watch Inc Archived from the original on July 20 2014 Retrieved June 18 2017 Forbes Sells Building to N Y U New York Times Media Decoder January 7 2010 Retrieved February 5 2013 Schneider Mike December 18 2014 Forbes Moves Across the Hudson to Jersey City WNET NJTV Retrieved June 14 2015 Forbes moving into Jersey City offices on Monday report says The Jersey Journal December 11 2014 Retrieved June 14 2015 Haughney Christine Gelles David November 15 2013 Forbes Says It Is for Sale The New York Times Archived from the original on November 16 2013 Retrieved November 25 2013 a b Doctor Ken January 16 2014 The Newsonomics of Forbes real performance and price potential Nieman Lab Fish Isaac Stone December 14 2017 Chinese ownership is raising questions about the editorial independence of a major U S magazine The Washington Post Archived from the original on December 15 2017 Retrieved November 22 2020 When a Chinese company buys a major American magazine does the publication censor its coverage of China There is only one example so far and the results are discouraging In 2014 a Hong Kong based investment group called Integrated Whale Media purchased a majority stake in Forbes Media one of the United States best known media companies It s hard to demonstrate causality in such cases But 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 Burtsztynsky Jessica August 26 2021 Forbes announces plan to go public via SPAC CNBC Retrieved August 26 2021 Wilson Tom February 10 2022 Crypto exchange Binance to invest 200 mln in U S media firm Forbes Reuters via www reuters com Osipovich Alexander February 10 2022 Crypto Exchange Binance to Invest 200 Million in Forbes Wall Street Journal via www wsj com Ramkumar Amrith June 1 2022 SeatGeek and Forbes Nix SPAC Deals During Market Pullback The Wall Street Journal Mullin Benjamin Hirsch Lauren August 2 2022 Forbes Explores Sale After SPAC Deal Collapses The New York Times Bruell Alexandra May 12 2023 Automotive Tech Billionaire Austin Russell to Acquire Majority Stake in Forbes The Wall Street Journal Fischer Sara November 21 2023 Forbes deal dead as Austin Russell fails to raise cash by deadline Axios Forbes com Footer Forbes With The May 14 Announced Separation Twelve Year Old American Legacy Forbes Partnership Was Mutually Beneficial Archived from the original on September 3 2014 Retrieved September 1 2014 McGrath Charles May 17 2007 Magazine Suspends Its Run in History The New York Times Thank You for Your Feedback on the American Heritage Winter 2008 Issue American Heritage Archived from the original on December 30 2010 Forbes School of Business amp Technology Board of Advisors University of Arizona Global Campus Retrieved April 22 2021 Patel Sahil December 21 2018 Amid media doom and gloom Forbes says revenue was up and profits highest in a decade Digiday Retrieved May 12 2019 Forbes is the first magazine to launch its own social network site Forbes January 6 2014 Edmonston Peter August 28 2006 At Forbes com Lots of Glitter but Maybe Not So Many Visitors The New York Times Retrieved May 2 2011 a b Hsu Tiffany July 19 2019 Jeffrey Epstein pushed a new narrative these sites published it The New York Times Retrieved August 22 2023 Sonderman Jeff May 29 2012 What the Forbes model of contributed content means for journalism Poynter Retrieved August 22 2023 a b Benton Joshua February 9 2022 An incomplete history of Forbes com as a platform for scams grift and bad journalism Nieman Lab Retrieved August 22 2023 a b Bartlett Rachel September 26 2013 The Forbes contributor model Technology feedback and incentives journalism co uk Retrieved October 13 2013 Forbes gives advertisers an editorial voice emedia Archived from the original on November 9 2013 Weissman Cale July 23 2018 Forbes deleted its controversial article about Amazon replacing libraries Fast Company Jobs Motley to Leave Time Inc Plus More Job Hopping Fun Gawker Archived from the original on February 18 2008 Retrieved January 5 2008 Bloomberg Jason Ad Blocking Battle Drives Disruptive Innovation Forbes Retrieved April 14 2017 Hruska Joel Forbes forces readers to turn off ad blockers promptly serves malware Extreme Tech Retrieved April 14 2017 Kastrenakes Jacob May 20 2020 Here are all the winners of the 2020 Webby Awards The Verge Retrieved May 22 2020 Releases Forbes Press Forbes8 Forbes On Demand Video Network For Entrepreneurs Debuts New Slate Of Original Content Forbes Retrieved August 5 2020 Kene Okafor Tage May 25 2020 Forbes8 launches digital startup accelerator calls for applications Techpoint Africa Retrieved August 5 2020 Forbes8 Original Series 6 icons of entrepreneurship show you how to become your own boss Grit Daily News October 23 2019 Retrieved August 5 2020 Forbes Councils Forbes Retrieved February 9 2022 Further reading editMerid Fevin 2023 Big Business The disarray and discontent at Forbes Columbia Journalism Review 1 Benton Joshua 2022 An incomplete history of Forbes com as a platform for scams grift and bad journalism NiemanLabs 2 Forbes Malcolm S 1973 Fact and Comment Knopf New York ISBN 0 394 49187 4 twenty five years of the editor s columns from Forbes Grunwald Edgar A 1988 The Business Press Editor New York University Press New York ISBN 0 8147 3016 7 Holliday Karen Kahler 1987 A Content Analysis ofBusiness Week ForbesandFortunefrom 1966 to 1986 Master s of Journalism thesis from Louisiana State University Baton Rouge 69 pages OCLC 18772376 available on microfilm Kohlmeier Louis M Udell Jon G and Anderson Laird B eds 1981 Reporting on Business and the Economy Prentice Hall Englewood Cliffs New Jersey ISBN 0 13 773879 X Kurtz Howard 2000 The Fortune Tellers Inside Wall Street s Game of Money Media and Manipulation Free Press New York ISBN 0 684 86879 2 Pinkerson Stewart 2011 The Fall of the House of Forbes The Inside Story of the Collapse of a Media Empire New York City St Martin s Press ISBN 978 0312658595 Tebbel John William and Zuckerman Mary Ellen 1991 The Magazine in America 1741 1990 Oxford University Press New York ISBN 0 19 505127 0 Parsons D W 1989 The Power of the Financial Press Journalism and Economic Opinion in Britain and America Rutgers University Press New Jersey ISBN 0 8135 1497 5External links edit nbsp Wikimedia Commons has media related to Forbes Official website nbsp Retrieved from https en wikipedia org w index php title Forbes amp oldid 1196434874, wikipedia, wiki, book, books, library,

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