Forbes Family and Steve Forbes

Steve Forbes: The Forbes family will retain a significant but undisclosed minority ownership position in the company after the sale, which values the entire company at $475 million. Steve Forbes, chairman and editor in chief, will remain with the company, as will Mike Perlis, its chief executive. , according to Market Watch. The need to buy out Elevation, which was still owed the bulk of its original investment, meant the family had a big incentive to reach a price close to $400 million. Bloomberg News/file 2012 Steve Forbes, The Forbes family is giving up control of the business magazine which bears its name, striking a deal to sell a majority stake in Forbes Media LLC to a Hong Kong investor group for more than $300 million, according to people familiar with the sale. The deal allows the family to buy out minority shareholder Elevation Partners LLC, a private-equity firm that invested $264 million in 2006 and had the right to redeem the stake in 2016. A person close to the situation said Elevation would recoup substantially all of its investment. The Forbes family will take some cash out as well, although the precise amount isnt known. (news.financializer.com). As reported in the news.