|First issue||September 15, 1917|
|Company||Integrated Whale Media Investments, China (Hong Kong) (95%) |
Forbes family (5%)
|Based in||Jersey City, New Jersey, U.S.|
Forbes ( // ) is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. It is based in Jersey City, New Jersey. Competitors in the national business magazine category include Fortune and Bloomberg Businessweek . Forbes has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide.
The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires.The motto of Forbes magazine is "Change the World". Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. In 2014, it was sold to a Hong Kong–based investment group, Integrated Whale Media Investments.
B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,founded Forbes magazine on September 15, 1917. 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. Drey became vice-president of the B.C. Forbes Publishing Company, 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.During his tenure, 1954–1964, the magazine's circulation nearly doubled.
On Bruce's death, his brother Malcolm Forbes became president and chief executive of Forbes and editor-in-chief of Forbes magazine. 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." It was later revealed that the price had been US$264 million.Between 1961 and 1999 the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. 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. A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $300
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.The company's headquarters moved to the Newport section of downtown Jersey City, New Jersey, in 2014.
In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. million. Forbes reportedly sought a price of US$400 million. In July 2014, the Forbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company.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
Isaac Stone Fish wrote in The Washington Post , "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."
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.In February 2022, it was announced that Cryptocurrency exchange Binance would acquire a $200 million stake in Forbes as a result of the SPAC floatation.
Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and 45 local language editions,including:
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.
The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007.
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.Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008.
Forbes has published the Forbes Travel Guide since 2009.
In 2013, Forbes licensed its brand to Ashford University, and assisted them to launch the Forbes School of Business & Technology.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." Forbes would launch limited promotions for the school in limited issues. Forbes would never formally 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.
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. 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".
Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website.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. The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging of public relations material as news. 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. 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.
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. [ better source needed ]
Currently, the website also blocks internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access is granted.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.
Forbes won the 2020 Webby People's Voice Award for Business Blog/Website.
In November 2019, Forbes launched its streaming platform Forbes8, an on-demand video network debuting a slate of original content aimed at entrepreneurs.The network currently features thousands of videos and according to Forbes is "a Netflix for entrepreneurs". In 2020, the network announced the release of several documentary series including Forbes Rap Mentors, Driven Against the Odds, Indie Nation and Titans on the Rocks.
Launched as an invite-only platform, Forbes Business Council is open to SMEs and MSMEs across the globe. There is a fee to join the Councils. The platform helps entrepreneurs and founders connect with like-minded people, collaborate, as well as publish posts on Forbes.com.
The Economist is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Economist Group, with its core editorial offices in the United States, as well as across major cities in continental Europe, Asia, and the Middle East. In 2019, its average global print circulation was over 909,476; this, combined with its digital presence, runs to over 1.6 million. Across its social media platforms, it reaches an audience of 35 million, as of 2016. The newspaper has a prominent focus on data journalism and interpretive analysis over original reporting, to both criticism and acclaim.
The Wall Street Journal is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The Journal, along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The Journal has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The Journal is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019.
Guardian Media Group plc (GMG) is a British-based mass media company owning various media operations including The Guardian and The Observer. The group is wholly owned by the Scott Trust Limited, which exists to secure the financial and editorial independence of The Guardian in perpetuity.
The Globe and Mail is a Canadian newspaper printed in five cities in western and central Canada. With a weekly readership of approximately 2 million in 2015, it is Canada's most widely read newspaper on weekdays and Saturdays, although it falls slightly behind the Toronto Star in overall weekly circulation because the Star publishes a Sunday edition, whereas the Globe does not. The Globe and Mail is regarded by some as Canada's "newspaper of record".
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Bank of America through their brokerage subsidiary Merrill Lynch.
Rakuten Group, Inc. is a Japanese electronic commerce and online retailing company based in Tokyo, founded by Hiroshi Mikitani in 1997. Centered around Rakuten Ichiba, its businesses include financial services utilizing financial technology, as well as digital content and communications services such as the messaging app Viber, e-book distributor Kobo, and Japan's fourth mobile carrier Rakuten Mobile. Rakuten has more than 28,000 employees worldwide, operating in 29 countries and regions, and its revenues totaled US $7.2 billion with operating profits of about US$347.9 million as of 2016. Rakuten was the official sponsor of the Spanish football club FC Barcelona from 2017 until 2021, and the Golden State Warriors of the NBA, as of 2022. It is often referred to as the "Amazon of Japan".
Richard Behar is an American investigative journalist. Since 2012, he has been the Contributing Editor of Investigations for Forbes magazine. From 1982 to 2004, he wrote on the staffs of Forbes, Time and Fortune. Behar's work has also been featured on BBC, CNN, PBS, FoxNews.com and Fast Company magazine. He coordinates Project Klebnikov, a media alliance to probe the Moscow murder of Forbes editor Paul Klebnikov. He is writing a book about Bernard Madoff. Behar is editor of Mideast Dig.
HuffPost is an American liberal news portal, with localized and international editions. The site offers news, satire, blogs, and original content, and covers politics, business, entertainment, environment, technology, popular media, lifestyle, culture, comedy, healthy living, women's interests, and local news featuring columnists. It was created to provide a liberal alternative to the conservative news websites such as the Drudge Report. The site offers content posted directly on the site as well as user-generated content via video blogging, audio, and photo. In 2012, the website became the first commercially run United States digital media enterprise to win a Pulitzer Prize.
Bloomberg News is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com, and Bloomberg's mobile platforms. Since 2015, John Micklethwait has served as editor-in-chief.
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Scroll.in, simply referred to as Scroll, is an Indian digital news publication owned by the Scroll Media Incorporation. It publishes content in both Hindi and English languages. Founded in 2014, the website and its journalists have won several national and international awards including four Ramnath Goenka Excellence in Journalism Awards and the CPJ International Press Freedom Awards.
Hong Kong-based investor group Integrated Whale Media Investments (IWM), which holds 95 percent of Forbes Media, is also in talks with another Chinese media firm and is scouting for more potential buyers for most or all of its stake, said one of the sources, who declined to be identified as the talks are confidential.
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.