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
(2020)
657,215 [2]
First issueSeptember 15, 1917;103 years ago (1917-09-15)
CompanyForbes Media, LLC (51%)
Forbes family (49%)
CountryUnited States
Based in Jersey 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 eight times a year, 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 . Forbes has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide.

Contents

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. [3] The motto of Forbes magazine is "Change the World". [4] Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. [5] In 2014, it was sold to a Hong Kong–based investment group, Integrated Whale Media Investments. [6] [7]

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, [8] founded Forbes magazine on September 15, 1917. [9] [10] 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. [8] Drey became vice-president of the B.C. Forbes Publishing Company, [11] 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 on his father's death, and his strengths lay in streamlining operations and developing marketing. [9] During his tenure, 1954–1964, the magazine's circulation nearly doubled. [9]

On Bruce's death, his brother Malcolm Forbes became president and chief executive of Forbes and editor-in-chief of Forbes magazine. [12] Between 1961 and 1999 the magazine was edited by James Michaels. [13] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. [14] 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. [12] [15] 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." [16] It was later revealed that the price had been US$264 million. [17]

Sale of headquarters

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. [18] The company's headquarters moved to the Newport section of downtown Jersey City, New Jersey, in 2014. [19] [20]

Sale to Integrated Whale Media (51% stake)

In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale. [21] 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. [22] Forbes reportedly sought a price of US$400 million. [22] In July 2014, the Forbes family bought out Elevation and then sold a 51 percent majority of the company to Hong Kong-based investment group Integrated Whale Media Investments. [6] [7] [17]

Other publications

Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and 27 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. [16]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007. [23]

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. [24] Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. [25]

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. [26] 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." [27] 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. [28]

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. [29] 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". [16]

Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website. [30] 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. [30] 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. [31] 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. [32]

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. [33]

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. [34] 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. [35]

Forbes won the 2020 Webby People's Voice Award for Business Blog/Website in the category Web. [36]

Forbes8

In November 2019, Forbes launched its streaming platform Forbes8, an on-demand video network debuting a slate of original content aimed at entrepreneurs. [37] The network currently features thousands of videos and according to Forbes is, "a Netflix for entrepreneurs." [38] 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. [39]

See also

Related Research Articles

The Atlantic is an American magazine and multi-platform publisher. It was founded in 1857 in Boston, Massachusetts, as The Atlantic Monthly, a literary and cultural commentary magazine that published leading writers' commentary on the abolition of slavery, education, and other major issues in contemporary political affairs. Its founders included Francis H. Underwood and prominent writers Ralph Waldo Emerson, Oliver Wendell Holmes Sr., Henry Wadsworth Longfellow, Harriet Beecher Stowe, and John Greenleaf Whittier. James Russell Lowell was its first editor. It is known for publishing literary pieces by leading writers.

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

Fortune is an American multinational business magazine headquartered in New York City. 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.

<i>Vice</i> (magazine) Magazine focused on international arts and culture

Vice is a Canadian-American magazine focused on lifestyle, arts, culture, and news/politics. Founded in 1994 in Montreal as an alternative punk magazine, the founders later launched the youth media company Vice Media, which consists of divisions including the printed magazine as well as a website, broadcast news unit, a film production company, a record label, and a publishing imprint. As of February 2018, the magazine's editor-in-chief is Ellis Jones.

Newsmax or Newsmax.com, previously styled NewsMax, is a right-wing American news and opinion website founded by Christopher Ruddy on September 16, 1998 and operated by Newsmax Media. The website is divided into four main sections: Newsmax, Newsmax Health, Newsmax Finance, and Newsmax World, each divided into various subsections. Newsmax Media also operates a print magazine called Newsmax as well as the cable news channel Newsmax TV.

Rakuten Japanese e-commerce company

Rakuten, Inc. is a Japanese electronic commerce and online retailing company based in Tokyo. It was founded in 1997 by Japanese businessman Hiroshi Mikitani. Its B2M E-Commerce platform Rakuten Ichiba is the largest e-commerce site in Japan. The company operates Japan's biggest Internet bank and number one credit card company by transaction value. It also offers e-commerce, fintech, digital content and communications services to over one billion members around the world, and operates in 29 countries and regions. It is often referred to as "the Amazon of Japan".

<i>The Hill</i> (newspaper) Political newspaper and website based in Washington, D.C.

The Hill is an American news website, based in Washington, D.C. which began as a newspaper publisher in 1994. It is owned by Capitol Hill Publishing, which is owned by News Communications, Inc.

HuffPost is an American news aggregator and blog, 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 has been described as mostly liberal-leaning.

Bloomberg News International news agency based in New York City

Bloomberg News is an international news agency headquartered in New York 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.

Shutterstock is an American provider of stock photography, stock footage, stock music, and editing tools; it is headquartered in New York. Founded in 2003 by programmer and photographer Jon Oringer, Shutterstock maintains a library of around 200 million royalty-free stock photos, vector graphics, and illustrations, with around 10 million video clips and music tracks available for licensing. Originally a subscription site only, Shutterstock expanded beyond subscriptions into a la carte pricing in 2008. It has been publicly traded on the New York Stock Exchange since 2012.

Newsmax Media is an American news media organization founded by Christopher Ruddy and based in West Palm Beach, Florida. It operates a multiplatform network focused on conservative media, including the news website Newsmax.com, publishes the Franklin Prosperity Report and Newsmax magazine, and the cable news channel Newsmax TV.

Gary Vaynerchuk

Gary Vaynerchuk is a Belarusian-American entrepreneur, author, speaker, and Internet personality. He is a co-founder of the restaurant reservation software company Resy and Empathy Wines. First known as a wine critic who expanded his family's wine business, Vaynerchuk is now more known for his work in digital marketing and social media as the chairman of New York-based communications company VaynerX, and as CEO of VaynerX subsidiary VaynerMedia.

Politico, known originally as The Politico, is an American political journalism company based in Arlington County, Virginia, that covers politics and policy in the United States and internationally. It distributes content through its website, television, printed newspapers, radio, and podcasts. Its coverage in Washington, D.C. includes the U.S. Congress, lobbying, the media, and the presidency.

Penske Media Corporation (PMC) is an American digital media, publishing, and information services company based in Los Angeles and New York City. It publishes more than 20 digital and print brands, including Variety, Rolling Stone, WWD, Deadline Hollywood, BGR, and others. PMC's Chairman and CEO since founding is Jay Penske.

Patch (website) U.S. local news and information platform

Patch.com is an American local news and information platform, primarily owned by Hale Global. As of June 2019, Patch operated some 1,227 hyperlocal news and information websites in 50 U.S. states and Washington, D.C.

Vox Media, Inc. is an American digital media company based in Washington, D.C. and New York City. The company was founded in 2005 as SportsBlogs Inc. by Jerome Armstrong, Tyler Bleszinski, and Markos Moulitsas, and was rebranded as Vox Media in 2011. The company operates additional offices in San Francisco, Chicago, Los Angeles, Austin, and London. In June 2010, the network featured over 300 sites with over 400 paid writers. As of May 2020, Comscore ranks Vox Media as the 29th-most popular media company among users from the United States.

PureWow

PureWow is an American digital media company that publishes women's lifestyle content. Acquired by serial entrepreneur Gary Vaynerchuk in 2017 as part of Gallery Media Group, PureWow tailors lifestyle topics for Millennials and Generation X, including fashion, beauty, home decor, recipes, entertainment, travel, technology, literature, and money.

Mic (media company) American internet and media company

Mic is an American internet and media company based in New York City that caters to millennials.

Vice Media Group LLC is an American-Canadian digital media and broadcasting company. Developing from Vice magazine, originally based in Montreal and co-founded by Suroosh Alvi, Shane Smith, and Gavin McInnes, Vice expanded primarily into youth and young adult–focused digital media. This included online content verticals and related web series, the news division Vice News, a film production studio, and a record label among other properties. In 2015, Vice Media was called "[arguably] a poster child for new-media success—especially when it comes to attracting a valuable millennial audience." Vice re-located to New York City in 2001.

<i>Scroll.in</i> Indian Independent English-language news website

Scroll.in, simply referred to as Scroll, is an Indian Hindi and English language digital news publication owned by the Scroll Media Incorporation. 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.

Insider Inc., originally called Business Insider Inc., is an American online media company known for publishing the financial news website Business Insider and other news and media websites.

References

  1. Romenesko, Jim (August 9, 2011). "Randall Lane returns to Forbes as editor". Poynter.org. Archived from the original on February 22, 2014.
  2. "Consumer Magazines". Alliance for Audited Media . Retrieved October 7, 2020.
  3. Delbridge, Emily (November 21, 2019). "The 8 Best Business Magazines of 2020". The Balance Small Business. New York City: Dotdash. Best for Lists: Forbes. Retrieved February 8, 2020.
  4. "'Forbes' Launches New Tagline, Brand Campaign". MediaPost. October 24, 2012. Retrieved January 24, 2020.
  5. Silva, Emma (November 30, 2017). "Mike Federle Succeeds Mike Perlis As CEO Of Forbes". Folio.
  6. 1 2 "Forbes Media Agrees To Sell Majority Stake to a Group of International Investors To Accelerate The Company's Global Growth". Forbes (Press release). July 18, 2014. Retrieved July 24, 2015.
  7. 1 2 "Forbes Sells to Hong Kong Investment Group". Recode. July 18, 2014. Retrieved August 27, 2018.
  8. 1 2 Praneeth (July 6, 2007). "Notes of a Business Quizzer: Forbes" . Retrieved August 27, 2018.
  9. 1 2 3 Gorman, Robert F. (ed.) (2007) "September 15, 1917: Forbes Magazine is founded" The Twentieth Century, 1901–1940 (Volume III) Salem Press, Pasadena, California, pp.1374–1376, p. 1375, ISBN   978-1-58765-327-8
  10. "Media Kit 2013" (PDF). Forbes Middle East. Archived from the original (PDF) on November 5, 2014. Retrieved September 18, 2014.
  11. Commerce and Industry Association of New York (November 18, 1922) "The Association Prepares for New Demands: The Volunteer Workers" Greater New York: Bulletin of the Merchants' Association of New York Commerce and Industry Association of New York City, p. 6, OCLC   2447287
  12. 1 2 'Forbes Announce Elevation Partners Investment in Family Held Company' Elevation Partners press release, August 6, 2006.
  13. Pérez-Peña, Richard (October 4, 2007). "James Michaels, Longtime Forbes Editor, Dies at 86". The New York Times. Retrieved January 5, 2008.
  14. "National Magazine Awards Database". Archived from the original on May 26, 2011. Retrieved January 5, 2008.
  15. "NussbaumOnDesign Bono Buys into Forbes, Launches Product Red in US and Expands His Brand". Bloomberg BusinessWeek. Retrieved January 5, 2008.
  16. 1 2 3 "Even Forbes is Pinching Pennies" by David Carr, The New York Times, June 14, 2009 (June 15, 2009 on p. B1 of the NY ed.). Retrieved June 15, 2009.
  17. 1 2 Trachtenberg, Jeffrey A (July 19, 2014). "Forbes sold to Asian investors". MarketWatch. Market Watch, Inc. Retrieved June 18, 2017.
  18. Forbes Sells Building to N.Y.U.. New York Times Media Decoder. Retrieved January 7, 2010.
  19. Schneider, Mike (December 18, 2014). "Forbes Moves Across the Hudson to Jersey City". WNET – NJTV. Retrieved June 14, 2015.
  20. "Forbes moving into Jersey City offices on Monday, report says". The Jersey Journal. December 12, 2014. Retrieved June 14, 2015.
  21. Haughney, Christine; Gelles, David (November 15, 2013). "Forbes Says It Is for Sale". The New York Times. Retrieved November 25, 2013.
  22. 1 2 Doctor, Ken. "The Newsonomics of Forbes' real performance and price potential". Nieman Lab. Retrieved February 10, 2014.
  23. "With The May 14 Announced Separation: Twelve-Year-Old "American Legacy"/"Forbes" Partnership Was Mutually Beneficial". Archived from the original on September 3, 2014. Retrieved September 1, 2014.
  24. McGrath, Charles (May 17, 2007). "Magazine Suspends Its Run in History". The New York Times.
  25. "Thank You for Your Feedback on the American Heritage Winter 2008 Issue". American Heritage. Archived from the original on December 30, 2010.
  26. "Forbes School of Business & Technology Board of Advisors". Ashford University. Retrieved May 12, 2019.
  27. Patel, Sahil (December 21, 2018). "Amid media doom and gloom, Forbes says revenue was up and profits highest in a decade". Digiday. Retrieved May 12, 2019.
  28. "Forbes is the first magazine to launch its own social network site". Forbes. January 6, 2014.
  29. Edmonston, Peter (August 28, 2006). "At Forbes.com, Lots of Glitter but Maybe Not So Many Visitors". The New York Times. Retrieved May 2, 2011.
  30. 1 2 Bartlett, Rachel (September 26, 2013). "The Forbes contributor model: Technology, feedback and incentives". journalism.co.uk. Retrieved October 13, 2013.
  31. "Forbes gives advertisers an editorial voice". emedia. Archived from the original on November 9, 2013.
  32. Weissman, Cale (July 23, 2018). "Forbes deleted its controversial article about Amazon replacing libraries". Fast Company .
  33. "Jobs: Motley to Leave Time Inc., Plus More Job-Hopping Fun". Gawker. Archived from the original on February 18, 2008. Retrieved January 5, 2008.
  34. Bloomberg, Jason. "Ad Blocking Battle Drives Disruptive Innovation". Forbes. Retrieved April 14, 2017.
  35. Hruska, Joel. "Forbes forces readers to turn off ad blockers, promptly serves malware". Extreme Tech. Retrieved April 14, 2017.
  36. Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. Retrieved May 22, 2020.
  37. Releases, Forbes Press. "Forbes8, Forbes' On-Demand Video Network For Entrepreneurs, Debuts New Slate Of Original Content". Forbes. Retrieved August 5, 2020.
  38. Kene-Okafor, Tage (May 25, 2020). "Forbes8 launches digital startup accelerator, calls for applications". Techpoint Africa. Retrieved August 5, 2020.
  39. "Forbes8 Original Series: 6 icons of entrepreneurship show you how to become your own boss". Grit Daily News. October 23, 2019. Retrieved August 5, 2020.

Further reading