# Who Owns Forbes? Forbes is owned by Integrated Whale Media Investment Inc. and Highlander Management LLC. The company operates as a privately held media entity headquartered in Jersey City, New Jersey. Sherry Phillips assumed the CEO role on January 1, 2025. ## Key Statistics - Integrated Whale Media Investment Inc. acquired a 51% controlling stake in Forbes in 2014 for approximately $475 million. - Forbes reported revenue of $259 million in fiscal year 2021, its most recent disclosed figure. - Forbes.com recorded 85 million monthly global users according to recent traffic data. - The company was founded on September 15, 1917, by Scottish immigrant Bertie Charles Forbes. - Forbes operates licensed editions in 27 countries and regions worldwide. ## Forbes Products and Services ### Forbes Magazine - Published eight times per year - Covers finance, industry, investing, marketing - Known for lists like the Forbes 400 and Global 2000 - International edition available in Asia ### Forbes.com - 85 million monthly global users - Contributor network with freelance writers - Daily business and financial news coverage - Integrated [digital advertising](/content/consulting/pay-per-click-advertising/index.html) model ### Forbes Lists and Rankings - Forbes 400 (richest Americans) - Forbes 30 Under 30 - World’s Most Powerful People - Forbes Global 2000 (top companies) ### Forbes Events and Licensing - Global conferences and summits - Licensed editions in 27 countries - Branded content and sponsored partnerships - Forbes Real Estate and Financial Services verticals ## Who Owns Forbes? Forbes Global Media Holdings Inc. is co-owned by Integrated Whale Media Investment Inc. (IWM) and Highlander Management LLC. IWM, a Hong Kong-based investment group, purchased a 51% majority stake from the Forbes family and Elevation Partners in July 2014. ### Current Ownership Breakdown The transaction valued the company at roughly $475 million. Elevation Partners, an investment group that had held a minority position since 2006, fully exited during the 2014 sale. The Forbes family retained a minority stake, and Steve Forbes continued as Chairman and Editor-in-Chief. As a private company, Forbes does not publicly disclose exact ownership percentages beyond the known majority-minority split. The structure has remained stable since a proposed $800 million acquisition by Austin Russell fell through in November 2023. ### Forbes Origin, Founders and Early Years Bertie Charles Forbes, a Scottish-born financial journalist who had been writing columns for the Hearst newspapers, co-founded Forbes magazine with Walter Drey on September 15, 1917. The original title was “Forbes: Devoted to Doers and Doings.” ### B.C. Forbes and Walter Drey Forbes supplied the capital and his name. Drey, who had been general manager of the Magazine of Wall Street, brought publishing expertise. Drey became vice-president of the B.C. Forbes Publishing Company while Forbes took on the editor-in-chief position, a role he held until his death in 1954. The magazine set itself apart from competitors by profiling individual business leaders and examining their decision-making rather than focusing only on market data. The approach attracted entrepreneurs and corporate executives from the start, similar to how other [major media companies](/content/consulting/who-owns-the-media/index.html) carved out specific editorial niches. ## How Did Forbes Get Its Name? The magazine carries the surname of its founder, Bertie Charles Forbes. When he launched the publication in 1917, he attached his own name to signal personal editorial accountability. At a time when financial journalism was dominated by wire services and anonymous reporting, Forbes bet that putting his name on the cover would build reader trust. It worked. The publication became synonymous with business success coverage. The “Forbes” name persisted through multiple ownership changes. Even after Integrated Whale Media acquired the majority stake in 2014, the brand remained unchanged. Steve Forbes, the founder’s great-grandson, still holds the Chairman title, maintaining the family’s connection to the name even as controlling equity shifted to external investors. ## Largest Shareholders of Forbes ### Integrated Whale Media Investment Inc. - Majority shareholder since July 2014 - Hong Kong-based investment group - Led by Jeffrey Yam of Integrated Capital - Acquired 51% stake for approximately $475 million - Focus on digital media investments across Asia and North America ### Highlander Management LLC - Co-owner alongside IWM - Joined through subsequent restructuring - Shares oversight of strategic decisions via board representation - Exact ownership percentage undisclosed ### Forbes Family - Minority stake holders - Steve Forbes remains Chairman and Editor-in-Chief - Family controlled the company for 97 years (1917–2014) - Retained involvement following the IWM acquisition ## Who Is on the Board of Directors for Forbes? ### Executive Leadership #### Steve Forbes Chairman and Editor-in-Chief Great-grandson of founder B.C. Forbes. Assumed the chairman and editor-in-chief roles in 1990 after his father Malcolm Forbes passed away. Ran for the Republican presidential nomination in 1996 and 2000. Continues to set editorial direction. #### Sherry Phillips Chief Executive Officer — Appointed January 1, 2025 Took over as CEO at the start of 2025. Oversees daily operations, revenue strategy, and the company’s expansion into digital and event-based revenue streams. ### Board and Global Operations #### Peter Hung Board Member, Board Secretary, President of Forbes Global Holdings Serves in multiple governance and operational roles. As President of Forbes Global Holdings, he manages global licensing and branded venture businesses spanning [digital media](/content/consulting/social-media-business-statistics/index.html) and international editions. ### Institutional Influence #### Integrated Whale Media Investment Inc. Co-owner with Board Representation As the majority stakeholder, IWM wields substantial influence over strategic direction. The absence of public proxy battles or activist campaigns suggests a stable ownership arrangement, typical for privately held companies. #### Highlander Management LLC Co-owner Shares governance responsibilities alongside IWM. Detailed voting power and board composition remain undisclosed because of the company’s private status. ## Forbes Mission Statement Forbes has long positioned itself as a voice for entrepreneurship, free-market capitalism, and business achievement. The publication’s editorial DNA traces back to B.C. Forbes’s original intent: provide business analysis that was independent of Wall Street influence and centered on the people running companies rather than abstract market forces. Under the current ownership, that direction has expanded to include digital transformation and global licensing. The company describes its aim as helping shape the next generation of capitalism, where financial success intersects with creating broader value. This framing was articulated publicly during the 2023 acquisition talks, when Austin Russell’s proposed deal was positioned around that idea. Though that deal collapsed, the language stuck. Forbes continues to emphasize business journalism and the documentation of success through its rankings and editorial coverage, reaching over 150 million people globally through its magazine, website, events, and licensed editions. For context on how [other legacy publications](/content/consulting/who-owns-newsweek/index.html) approach their editorial missions, the ownership structures often shape the content strategy directly. ## Forbes Ownership History and Key Transitions Forbes was family-run for 97 years before external capital entered the picture. The company’s ownership history includes three distinct phases: family control, institutional partnership, and attempted public listings. ### From Family Business to External Investment In 2006, Elevation Partners — an investment group whose members included Bono — acquired a minority stake. The deal restructured operations under a new entity called Forbes Media LLC. A 2009 report estimated that 40% of the enterprise was sold for approximately $300 million, putting the total valuation at $750 million. The bigger shift came in 2014 when IWM purchased its 51% majority stake. Elevation Partners exited entirely during this transaction. IWM’s stated goal was to merge traditional media with digital platforms and accelerate international expansion. ### Failed Public Offerings and Acquisition Attempts In August 2021, Forbes announced plans to go public through a merger with Magnum Opus Acquisition Limited, a SPAC. The deal valued the combined entity at approximately $630 million. It was terminated in June 2022 because of unfavorable market conditions, even though Forbes had exceeded its financial targets that year. In May 2023, Austin Russell — the founder and CEO of Luminar Technologies — agreed to acquire an 82% stake for close to $800 million. The arrangement would have returned majority ownership to the United States. It was called off in November 2023 after financing fell short. This pattern of attempted ownership changes reflects broader trends in [media deal-making and failed acquisitions](/content/consulting/who-owns-twitter/index.html) and the difficulty of closing large transactions in uncertain capital markets. ### Financial Performance Forbes reported revenue of $259 million in fiscal year 2021. The company has not publicly disclosed financial results beyond that year. Print advertising accounted for just 7% of total revenue by 2022, down from 16% in 2019. The shift toward digital, events, and branded content mirrors moves made across the [media and entertainment sector](/content/consulting/who-owns-tubi/index.html). Forbes.com ranked among the most visited global news websites in November 2024. The platform’s contributor network — launched around 2010 — has drawn both praise for expanding coverage and criticism for limited editorial oversight of freelance writers. The digital-first approach has also paralleled how companies like [Google’s parent company Alphabet](/content/consulting/who-owns-google/index.html) have reshaped online advertising. ## FAQ **Is Forbes an American company?** Yes. Forbes is headquartered in Jersey City, New Jersey. Although its majority shareholder, Integrated Whale Media Investment Inc., is based in Hong Kong, the company operates as an American media entity. **What is the net worth of Forbes?** Forbes was valued at approximately $475 million during the 2014 acquisition. A proposed 2023 deal valued it at nearly $800 million. The company has not disclosed a current valuation. **When did Forbes come out?** Forbes launched on September 15, 1917. Founder Bertie Charles Forbes and co-founder Walter Drey published the first issue during World War I, focusing on business journalism. **Who owns Forbes?** Integrated Whale Media Investment Inc. and Highlander Management LLC co-own Forbes Global Media Holdings Inc. The Forbes family retains a minority stake, and Steve Forbes continues as Chairman and Editor-in-Chief. **Forbes market cap in 2026** Forbes does not have a public market cap because it is privately held. A planned 2021 SPAC merger that would have brought it to public markets was terminated in June 2022. **Is Forbes still operational?** Yes. Forbes publishes its magazine eight times per year, operates Forbes.com with 85 million monthly global users, runs events, and maintains licensed editions in 27 countries.