Forbes

==Company history==
[[File:Former Forbes Headquarters, Manhattan.jpg|260px|thumb|upright|Forbes Building on [[Fifth Avenue]] in New York City, the former headquarters of Forbes in Manhattan (now owned by New York University)]]
{{CSS image crop |Image = Jersey City Day 292 2014 (15554742826).jpg |bSize = 435 |cWidth = 260 |cHeight = 240 |oTop = 85 |oLeft = 0 | Description = Forbes Media headquarters at 499 Washington Blvd, Jersey City since 2014}}
[[B. C. Forbes]], a financial columnist for the [[William Randolph Hearst|Hearst]] papers, and his partner Walter Drey, the general manager of the ''Magazine of Wall Street'',<ref name="Notes">{{cite web|url=http://bizgyan.blogspot.com/2007/07/forbes.html|title=Notes of a Business Quizzer: Forbes|author=Praneeth|date=July 6, 2007|access-date=August 27, 2018}}</ref> founded ''Forbes'' magazine on September 15, 1917.<ref name="Gorman">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 [1375], {{ISBN|978-1-58765-327-8}}</ref><ref>{{cite web|title=Media Kit 2013|url=http://www.forbesmedia.com/wp-content/uploads/2013/05/2013-Forbes-Middle-East-English-Media-Kit.pdf|magazine=Forbes Middle East|access-date=September 18, 2014|archive-url=https://web.archive.org/web/20141105210647/http://www.forbesmedia.com/wp-content/uploads/2013/05/2013-Forbes-Middle-East-English-Media-Kit.pdf|archive-date=November 5, 2014|url-status = dead}}</ref> 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''.<ref name="Notes"/> Drey became vice-president of the B.C. Forbes Publishing Company,<ref>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, [https://books.google.com/books?id=6sZNAAAAMAAJ&pg=RA3-PT593 p. 6], {{OCLC|2447287}}</ref> 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.<ref name="Gorman"/> During his tenure, 1954–1964, the magazine's circulation nearly doubled.<ref name="Gorman"/>

On Bruce's death, his brother [[Malcolm Forbes]] became president and chief executive officer of Forbes, and editor-in-chief of ''Forbes'' magazine.<ref name="EP01">[http://www.elevation.com/downloads/News_08-07.pdf 'Forbes Announce Elevation Partners Investment in Family Held Company'] {{Webarchive|url=https://web.archive.org/web/20060813150204/http://www.elevation.com/downloads/News_08-07.pdf |date=August 13, 2006 }} Elevation Partners press release, August 6, 2006.</ref> Between 1961 and 1999 the magazine was edited by [[James Michaels]].<ref name=20071004nytimes>{{cite news |url=https://www.nytimes.com/2007/10/04/business/04michaels.html |title=James Michaels, Longtime Forbes Editor, Dies at 86|access-date=January 5, 2008|work=The New York Times|first=Richard|last=Pérez-Peña|date=October 4, 2007}}</ref> In 1993, under Michaels, ''Forbes'' was a finalist for the [[National Magazine Awards|National Magazine Award]].<ref>{{cite web |url=http://www.magazine.org/asme/magazine_awards/searchable_database/index.aspx |title=National Magazine Awards Database |access-date=January 5, 2008 |archive-url=https://web.archive.org/web/20110526232156/http://www.magazine.org/asme/magazine_awards/searchable_database/index.aspx |archive-date=May 26, 2011 |url-status=dead }}</ref> 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.<ref name="EP01" /><ref>{{cite web |url=http://www.businessweek.com/innovate/NussbaumOnDesign/archives/2006/08/bono_buys_into.html |archive-url=https://web.archive.org/web/20060809233845/http://www.businessweek.com/innovate/NussbaumOnDesign/archives/2006/08/bono_buys_into.html |archive-date=August 9, 2006 |title=NussbaumOnDesign Bono Buys into Forbes, Launches Product Red in US and Expands His Brand |work=Bloomberg BusinessWeek |access-date=January 5, 2008 |url-status=dead}}</ref> A 2009 ''New York Times'' report said: "40 percent of the enterprise was sold... for a reported $300&nbsp;million, setting the value of the enterprise at $750&nbsp;million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now."<ref name="NYT01">{{cite news|url=https://www.nytimes.com/2009/06/15/business/media/15forbes.html|title=Even Forbes is Pinching Pennies|first=David|last=Carr|author-link=David Carr (journalist)|newspaper=The New York Times|date=June 14, 2009|access-date=June 15, 2009|archive-date=April 1, 2012 |archive-url=https://web.archive.org/web/20120401020846/https://www.nytimes.com/2009/06/15/business/media/15forbes.html |url-status=live |url-access=subscription}}</ref> It was later revealed that the price had been US$264&nbsp;million.<ref name= "Marketwatch">{{cite news|newspaper=MarketWatch|title=Forbes sold to Asian investors|date=July 19, 2014|last=Trachtenberg|first=Jeffrey A|publisher=Market Watch, Inc.|url=https://www.marketwatch.com/story/forbes-sold-to-asian-investors-2014-07-19|access-date=June 18, 2017|archive-date=July 20, 2014|archive-url=https://web.archive.org/web/20140720002531/https://www.marketwatch.com/story/forbes-sold-to-asian-investors-2014-07-19|url-status=live|url-access=subscription}}</ref>

===Sale of headquarters===
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.<ref>{{cite web|url=https://archive.nytimes.com/mediadecoder.blogs.nytimes.com/2010/01/07/forbes-sells-building-to-nyu/|title=Forbes Sells Building to N.Y.U.|website=New York Times Media Decoder|date=January 7, 2010|access-date=February 5, 2013}}</ref> The company's headquarters moved to the [[Newport, Jersey City|Newport]] section of [[downtown Jersey City]], New Jersey, in 2014.<ref name=20141218njtvonline>{{cite web|url=http://www.njtvonline.org/news/video/forbes-moves-across-the-hudson-to-jersey-city/|title=Forbes Moves Across the Hudson to Jersey City|first=Mike|last=Schneider|publisher=WNET – NJTV|date=December 18, 2014|access-date=June 14, 2015}}</ref><ref name=20141212nj>{{cite news|url=http://www.nj.com/hudson/index.ssf/2014/12/forbes_moving_to_new_jersey_city_offices_monday_report_says.html|title=Forbes moving into Jersey City offices on Monday, report says|newspaper=The Jersey Journal|date=December 11, 2014|access-date=June 14, 2015}}</ref>

===Sale to Integrated Whale Media (51% stake)===
In November 2013, Forbes Media, which publishes ''Forbes'' magazine, was put up for sale.<ref name=20131115nytimes>{{cite news | url=https://www.nytimes.com/2013/11/16/business/media/forbes-says-it-is-for-sale.html | title=Forbes Says It Is for Sale|work=The New York Times|date=November 15, 2013|access-date=November 25, 2013|first1= Christine |last1=Haughney |first2=David |last2=Gelles |archive-date=November 16, 2013 |archive-url=https://web.archive.org/web/20131116085241/https://www.nytimes.com/2013/11/16/business/media/forbes-says-it-is-for-sale.html |url-status=live |url-access=subscription}}</ref> 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&nbsp;million.<ref name=niemanlab>{{cite web |url= http://www.niemanlab.org/2014/01/the-newsonomics-of-forbes-real-performance-and-price-potential/ |title=The Newsonomics of Forbes' real performance and price potential |publisher=Nieman Lab|first=Ken |last=Doctor|access-date=|date = January 16, 2014}}</ref> ''Forbes'' reportedly sought a price of US$400&nbsp;million.<ref name= niemanlab/> In July 2014, the [[Forbes family (publishers)|Forbes family]] bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company.<ref name=forbes2014>{{cite press release|url=https://www.forbes.com/sites/forbespr/2014/07/18/forbes-media-agrees-to-sell-majority-stake-to-a-group-of-international-investors-to-accelerate-the-companys-global-growth/ |title=Forbes Media Agrees To Sell Majority Stake to a Group of International Investors To Accelerate The Company's Global Growth|work=Forbes|date=July 18, 2014|access-date=July 24, 2015}}</ref><ref name=recode11628980>{{cite web|url=http://www.recode.net/2014/7/18/11628980/forbes-sells-to-hong-kong-investment-group |title=Forbes Sells to Hong Kong Investment Group|work=Recode|access-date=August 27, 2018|date=July 18, 2014|archive-url=https://web.archive.org/web/20170124211943/https://www.recode.net/2014/7/18/11628980/forbes-sells-to-hong-kong-investment-group|archive-date=January 24, 2017|url-status=dead}}</ref><ref name = "Marketwatch" />

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."<ref name=WashingtonPost>{{cite news |url=https://www.washingtonpost.com/news/democracy-post/wp/2017/12/14/chinese-ownership-is-raising-questions-about-the-editorial-independence-of-a-major-u-s-magazine/ |title=Chinese ownership is raising questions about the editorial independence of a major U.S. magazine |last=Fish |first=Isaac Stone |date=December 14, 2017 |newspaper=[[The Washington Post]] |access-date=November 22, 2020 |archive-url=https://archive.today/20171215035245/https://www.washingtonpost.com/news/democracy-post/wp/2017/12/14/chinese-ownership-is-raising-questions-about-the-editorial-independence-of-a-major-u-s-magazine/ |archive-date=December 15, 2017 |quote=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.}}</ref>

===Failed SPAC merger and sale===
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.<ref>{{cite web |url=https://www.cnbc.com/2021/08/26/forbes-announces-plan-to-go-public-via-spac.html |title=Forbes announces plan to go public via SPAC|last=Burtsztynsky |first=Jessica |date=August 26, 2021 |work=[[CNBC]] |access-date=August 26, 2021}}</ref> 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.<ref>{{Cite news|url=https://www.reuters.com/business/finance/binance-crypto-exchange-take-200-mln-stake-forbes-magazine-cnbc-2022-02-10/|title=Crypto exchange Binance to invest $200 mln in U.S. media firm Forbes|first=Tom|last=Wilson|newspaper=Reuters|date=February 10, 2022 }}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/crypto-exchange-binance-to-invest-200-million-in-forbes-11644534040|title=Crypto Exchange Binance to Invest $200 Million in Forbes|first=Alexander|last=Osipovich|newspaper=Wall Street Journal|date=February 10, 2022|via=www.wsj.com}}</ref> In June 2022, the company terminated its SPAC merger citing unfavorable market conditions.<ref>{{cite news |last=Ramkumar |first=Amrith |date=June 1, 2022 |title=SeatGeek and Forbes Nix SPAC Deals During Market Pullback |url=https://www.wsj.com/articles/seatgeek-and-forbes-nix-spac-deals-during-market-pullback-11654099960 |work=[[The Wall Street Journal]]}}</ref>

In August 2022, the company announced that it was exploring a sale of its business.<ref>{{cite news |last1=Mullin |first1=Benjamin |last2=Hirsch |first2=Lauren |date=August 2, 2022 |title=Forbes Explores Sale After SPAC Deal Collapses |url=https://www.nytimes.com/2022/08/02/business/media/forbes-sale-spac.html |work=[[The New York Times]]}}</ref> In May 2023, it was announced that billionaire [[Austin Russell (entrepreneur)|Austin Russell]], founder of [[Luminar Technologies]], agreed to acquire an 82{{nbsp}}percent stake in a deal valuing the company at $800{{nbsp}}million.<ref name=":0" />  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.<ref name=russell-sale>{{Cite news |date=May 12, 2023 |title=Forbes to be acquired by Luminar Technologies' Austin Russell |work=[[Axios (website)|Axios]] |url=https://www.axios.com/2023/05/12/forbes-acquired-luminar-technologies-austin-russell |access-date=December 22, 2023}}</ref><ref>{{cite news |last=Bruell |first=Alexandra |date=May 12, 2023 |title=Automotive Tech Billionaire Austin Russell to Acquire Majority Stake in Forbes |url=https://www.wsj.com/articles/automotive-tech-billionaire-austin-russell-to-acquire-majority-stake-in-forbes-83dbb3be |work=[[The Wall Street Journal]]}}</ref> The transaction attracted scrutiny by the [[Committee on Foreign Investment in the United States]]. Russell denied reports that Russian businessman [[Magomed Musaev (businessman)|Magomed Musaev]] was involved in the transaction.<ref name=":0">{{Cite news |date=October 20, 2023 |title=Russian tycoon claims he is behind Forbes purchase, audiotapes show |newspaper=[[The Washington Post]] |url=https://www.washingtonpost.com/business/2023/10/20/forbes-sale-musaev-russia/ |access-date=October 22, 2023}}</ref> In November 2023, the deal collapsed, as Russell was unable to put together the necessary funds.<ref name=russell-fail>{{cite web |last=Fischer |first=Sara |date=November 21, 2023 |title=Forbes deal dead as Austin Russell fails to raise cash by deadline |url=https://www.axios.com/2023/11/21/forbes-deal-dead-austin-russell |website=[[Axios (website)|Axios]]}}</ref>