Forbes Media sold to international investors, amount still not disclosed.

Forbes Media has an audience of 75 million people worldwide and it was searching for buyer last November. Now, the Media has sold majority of it's stake to a group of international investors in Hong Kong. The company was under the family ownership for 97 years. Forbes magazine is a part of Forbes Media and Integrated Whale Media Investments bought it's majority shares. The amount of purchase was not yet made public.The family announced that it would still have a "significant" stake.

 Forbes Media is profitable and, in 2013, achieved its best financial performance in the last six years.

Steve Forbes will remain as chairman and editor-in-chief. He told,"While today marks a fundamental turning point in this 97-year-old company founded by my grandfather, it should be seen as an opportunity to continue and strengthen our mission." He said, “This is a major milestone for the company and our family, and we’re pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company.”

While the headquarter will continue to be in the US, the Media is going for international expansion and Company’s Asian business will continue to be led by Forbes Media CEO/Asia Will Adamopoulos. The Media will have it's operating name and it will still be a privately-held, independent company.

"As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience,” said Tak Cheung Yam, Chairman and Founder of IAM. He added," Given the tremendous growth of digital in the past decade, Forbes Media’s future plans will include additional internet and social media expansion projects."

“This significant investment in the company is a strong endorsement of the global strength of our brand, as well as our progress and innovative plans for continued growth,” said Mike Perlis, President and CEO of Forbes Media.

The portfolio of assets are diversified by Forbes Media. It consists of media, digital, technology and branded products. There are more than 6 million readers in the U.S. And it has 24 international web sites. There is new brand extensions, including conferences, real estate, education, financial services and technology license agreements.

Completion of the transaction is expected to take place this year and is subject to customary closing conditions. Deutsche Bank served as financial advisor. RSM Nelson Wheeler performed the financial and tax due diligence work for the investor group and  Credit Suisse (Hong Kong) limited served as financial advisor