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Friday, July 18, 2014

Forbes sells control of media business to Hong Kong group, (TSE: IAM.TO)

Forbes magazine's publisher has agreed to sell a majority stake of its media business to a Hong Kong-based group of investors for an undisclosed sum, Forbes Media said on Friday, capping an eight-month hunt for a buyer for the company.The Forbes family, which founded the magazine 97 years ago, is retaining a "significant" interest in the company and remains an active part of management, Forbes Media said in a statement. Steve Forbes will continue to serve as chairman and editor-in-chief.The buyer is a newly formed consortium out of Hong Kong called Integrated Whale Media Investments, led by Integrated Asset Management, an investment company that focuses on the technology, finance and telecommunications sectors, and Wayne Hsieh, the co-founder of Asustek Computer Inc.Forbes Media said it will retain its name and will remain a privately-held, independent company headquartered in the United States. Chief Executive Officer Mike Perlis will continue to lead the company's management team. Forbes' Asian business will continue to be directed from Singapore under Forbes Media's Asia CEO Will Adamopoulos.

Integrated Asset Management Corp. (IAM) is an alternative asset management company offering alternative asset class management to institutional, pension and private clients. Shares of IAM remained unchanged at $0.93. In the past year, the shares have traded as low as $0.50 and as high as $1.00. On average, 4786 shares of IAM.TO exchange hands on a given day and today's volume is recorded at 50.