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Forbes family to sell majority stake in its media empire

Forbes family to sell majority stake in its media empire
Forbes Media Chairman Steve Forbes walks off his bus during the 2002 Republican presidential primary race. (Roberto Borea / Associated Press)

The Forbes family is selling a controlling stake in its business media dynasty to international investors.

Hong Kong-based Integrated Whale Media Investments is buying a majority stake in Forbes Media, a nearly century-old media empire that includes the iconic Forbes magazine and Forbes.com.

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In announcing the deal Friday, Forbes did not disclose a sales price and said only that the family would retain a "significant interest."

Current management, the company said, will remain in place, including Chairman and Editor-in-Chief Steve Forbes, a former presidential candidate.

The deal comes as print media struggles amid years of declining ad revenue.

Forbes said the investor group will increase the international reach of Forbes, which publishes a list of the world's wealthiest people. The deal is expected to be completed this year, Forbes said.

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