Tuesday, 30 August 2016
Last updated 1 hour ago
Aug 11 2006 | 12:00am ET
For the first time in Forbes Inc. history, the Forbes family is parting with a considerable stake in its organization. Forbes has teamed up with private equity fund Elevation Partners to form Forbes Media, and Elevation will hold a substantial minority stake in the company.
The new company includes Forbes magazine, forbes.com, newsletters, conference businesses and radio and video operations, but not American Heritage or American Legacy magazines.
“The partnership with Elevation gives us the chance to move [faster] than we would have been able to otherwise, both in the United States and overseas,” explained Forbes President and former U.S. presidential candidate Steve Forbes to the magazine, to which he also serves as editor-in-chief. “We don’t want to give our competition a break by letting them realize what we realized 10 years ago, and that is, there’s a whole new wonderful world out there, based in print but with the Web and other delivery vehicles beckoning. We want to move before they wake up to what we saw.”
New York- and Menlo Park, Calif.-based Elevation is a $1.9 billion p.e. firm, but is perhaps best known for counting U2 front man and human rights activist Bono as a founding partner.