Forbes

Last updated
Forbes
Forbes logo.svg
Forbes (magazine) cover.jpg
Cover for December 20, 2010, featuring Julian Assange
Editor-in-chief Steve Forbes
EditorRandall Lane [1]
CategoriesBusiness magazine
Frequency Biweekly
Total circulation
(2013)
931,558 [2]
First issueSeptember 15, 1917;102 years ago (1917-09-15)
CompanyForbes Media, LLC. (51%: Integrated Whale Media Investments; 49%: Forbes family)
CountryUnited States
Based inJersey City, New Jersey, U.S.
LanguageEnglish
Website forbes.com
ISSN 0015-6914
The former headquarters of Forbes on 5th Avenue in Manhattan (now owned by New York University) Naked Pictures of Bea Arthur 0078.jpg
The former headquarters of Forbes on 5th Avenue in Manhattan (now owned by New York University)

Forbes ( /fɔːrbz/ ) is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek . The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the world's top companies (the Forbes Global 2000), and The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool". Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. [3] In 2014, it was sold to a Hong Kong-based investment group, Integrated Whale Media Investments. [4] [5]

Business Organization undertaking commercial, industrial, or professional activity

Business is the activity of making one's living or making money by producing or buying and selling products. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

Jersey City, New Jersey City in Hudson County, New Jersey, U.S.

Jersey City is the second most populous city in the U.S. state of New Jersey, after Newark. It is the seat of Hudson County as well as the county's largest city. As of 2018, the Census Bureau's Population Estimates Program calculated that Jersey City's population was 265,549, with the largest population increase of any municipality in New Jersey since 2010, an increase of about 9.4% from the 2010 United States Census, when the city's population was at 247,597, ranking the city the 78th-most-populous in the nation.

<i>Fortune</i> (magazine) American multinational business magazine

Fortune is an American multinational business magazine headquartered in New York City, United States. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon. The publication was founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles. The magazine regularly publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955.

Contents

Company history

Forbes Building on Fifth Avenue in New York City (now owned by New York University) Forbes building in NYC.jpg
Forbes Building on Fifth Avenue in New York City (now owned by New York University)

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street, [6] founded Forbes magazine on September 15, 1917. [7] [8] 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. [6] Drey became vice-president of the B.C. Forbes Publishing Company, [9] 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 Stevenson Forbes (1917–1990).

B. C. Forbes American journalist

Bertie Charles Forbes was a Scottish-born American financial journalist and author who founded Forbes magazine.

William Randolph Hearst American newspaper publisher

William Randolph Hearst Sr. was an American businessman, newspaper publisher, and politician known for developing the nation's largest newspaper chain and media company, Hearst Communications. His flamboyant methods of yellow journalism influenced the nation's popular media by emphasizing sensationalism and human interest stories. Hearst entered the publishing business in 1887 with Mitchell Trubitt after being given control of The San Francisco Examiner by his wealthy father.

Bruce Forbes took over on his father's death, and his strengths lay in streamlining operations and developing marketing. [7] During his tenure, 1954–1964, the magazine's circulation nearly doubled. [7]

On Bruce's death, his brother Malcolm Stevenson "Steve" Forbes Jr. (born 1919) became President and Chief executive of Forbes and Editor-in-Chief of Forbes magazine. [10] Between 1961 and 1999 the magazine was edited by James Michaels. [11] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. [12] 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. [10] [13] A 2009 New York Times report said: "40 percent of the enterprise was sold ... for a reported $300 million, setting the value of the enterprise at $750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." [14] It was later revealed that the price had been US$264 million. [15]

Steve Forbes American businessman and publisher

Malcolm Stevenson "Steve" Forbes Jr. is an American publishing executive. Forbes was a candidate in the 1996 and 2000 Republican Presidential primaries. Forbes is the Editor-in-Chief of Forbes, a business magazine. Forbes is the son of longtime Forbes publisher Malcolm Forbes, and the grandson of that publication's founder, B.C. Forbes. He is an adviser at the Forbes School of Business & Technology.

James Walker Michaels was an American journalist and magazine editor. Michaels served as the longtime editor of Forbes magazine from 1961 until his retirement in 1999.

Elevation Partners was an American private equity firm that invested in intellectual property, technology and media companies. The firm had $1.9 billion of assets under management. The firm was founded in 2004 and was headquartered in New York City and Menlo Park, California. In the years 2012-2015 their assets were acquired by other companies, with portfolio under the name Elevation Partners closing in 2015. Some members of the board formed a company called "NextEquity Partners", which invests in similar sites. Bono went on to co-found "The Rise Fund", dedicated to improving the United Nations' seven sectors of sustainable development.

Sale of headquarters

In January 2010, Forbes reached an agreement to sell its headquarters building Fifth Avenue in Manhattan to New York University; terms of the deal were not publicly reported, but Forbes would continue to occupy the space under a sale-leaseback arrangement. [16] The company's headquarters subsequently moved to the Newport section of downtown Jersey City, New Jersey, in 2014. [17] [18]

Fifth Avenue North-south avenue in Manhattan, New York

Fifth Avenue is a major thoroughfare in the borough of Manhattan in New York City. It stretches north from Washington Square Park in Greenwich Village to West 143rd Street in Harlem. It is considered one of the most expensive and elegant streets in the world.

Manhattan Borough in New York City and county in New York, United States

Manhattan, , is the most densely populated of the five boroughs of New York City, coextensive with New York County, one of the original counties of the U.S. state of New York. Manhattan serves as the city's economic and administrative center, cultural identifier, and historical birthplace. The borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers; several small adjacent islands; and Marble Hill, a small neighborhood now on the U.S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower, Midtown, and Upper Manhattan.

New York University private research university in New York, NY, United States

New York University (NYU) is a private research university based in New York City. Founded in 1831, NYU's historical campus is in Greenwich Village, Lower Manhattan. NYU also has degree-granting campuses in Abu Dhabi and Shanghai, and academic centers in Accra, Berlin, Buenos Aires, Florence, London, Los Angeles, Madrid, Paris, Prague, Sydney, Tel Aviv, and Washington, D.C.

Sale to Integrated Whale Media (51% stake)

In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. [19] This was encouraged by minority shareholders Elevation Partners. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 EBITDA was US$15 million. [20] Forbes reportedly sought a price of US$400 million. [20] In July 2014, the Forbes family bought out Elevation and then sold a 51 percent majority of the company to Integrated Whale Media Investments. [4] [5] [15]

Earnings before interest, taxes, depreciation, and amortization accounting measure: net earnings, before interest expenses, taxes, depreciation, and amortization are subtracted

A company's earnings before interest, taxes, depreciation, and amortization is an accounting measure calculated using a company's earnings, before interest expenses, taxes, depreciation, and amortization are subtracted, as a proxy for a company's current operating profitability.

Other publications

Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and fifteen local language editions. Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman, a quarterly magazine published by Steve Forbes's daughter, Moira Forbes, with a companion Web site. [14]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. [21]

The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007. [22] Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. [23]

Forbes has published the Forbes Travel Guide since 2009.

In 2013, Forbes licensed its brand to Ashford University, and assisted them launch the Forbes School of Business & Technology. [24] Forbes Media CEO Mike Federle justified the licensing in 2018, stating that “Our licensing business is almost a pure-profit business, because it’s an annual annuity." [25] Forbes would launch limited promotions for the school in limited issues. Forbes would never formerly endorse the school.

On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within the app. [26]

Forbes.com

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. [27] The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering". [14]

Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website. [28] Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$100,000, according to the company. [28] Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue. [29] Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web. In July, 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place. [30]

David Churbuck founded Forbes's web site in 1996. The site uncovered Stephen Glass's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's popularity. [31]

Currently, the website also blocks internet users using ad blocking software (such as Adblock Plus) from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access is granted. [32] Forbes argues that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from Forbes site. [33]

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References

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Further reading