Forbes (/fɔːrbz/) is an American business magazine founded by B. C.

Forbes in 1917
and owned by the Hong Kong–based investment group Integrated Whale Media
[3][4] [5]
Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. And the
company is based in Jersey City, New Jersey. Sherry Phillips was slated to become the
[6]
new CEO at Forbes on January 1, 2025.

Published eight times per year, Forbes features articles on finance, industry, investing,
and marketing topics. It also reports on related subjects such as technology,
communications, science, politics, and law. It has an international edition in Asia as well
as editions produced under license in 27 countries and regions worldwide. The
magazine is known for its lists and rankings, including its lists of the richest Americans
(the Forbes 400), of 30 notable people under the age of 30, of America's wealthiest
celebrities, of the world's top companies (the Forbes Global 2000), of the world's most
[7]
powerful people, and of the world's billionaires. The motto of Forbes magazine is
[8]
"Change the World".

Company history[edit]

Forbes Building on Fifth Avenue in New York City, the former headquarters of Forbes in
Manhattan (now owned by New York University)
 Forbes Media headquarters at 499 Washington Blvd, Jersey City since 2014

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey,
[9]
the general manager of the Magazine of Wall Street, founded Forbes magazine on
[10][11]
September 15, 1917. Forbes provided the money and the name and Drey
provided the publishing expertise. The original name of the magazine was Forbes:
[9]
Devoted to Doers and Doings. Drey became vice-president of the B.C. Forbes
[12]
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 (1919–1990).

Bruce Forbes took over after his father's death, and his strengths lay in streamlining
[10]
operations and developing marketing. During his tenure, from 1954 to 1964, the
[10]
magazine's circulation nearly doubled.

On Bruce's death, his brother Malcolm Forbes became president and chief executive
[13]
officer of Forbes, and editor-in-chief of Forbes magazine. Between 1961 and 1999
[14]
the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a
[15]
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
[13][16]
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
million, setting the value of the enterprise at $750 million." Three years later, Mark M.
 [17]
Edmiston of AdMedia Partners observed, "It's probably not worth half of that now." It
[18]
was later revealed that the price had been US$264 million.

In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent
to $165 million. Much of the revenue growth was attributed to Forbes' consumer
[19]
business, which was up 83 percent year-over-year. CEO Mike Federle says that
[20]
Forbes is built on an audience and business scale with 150 million consumers.

Sale of headquarters[edit]

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-
[21]
leaseback arrangement. The company's headquarters moved to the Newport section
[22][23]
of downtown Jersey City, New Jersey, in 2014.

Sale to Integrated Whale Media (51% stake)[edit]

In November 2013, Forbes Media, which publishes Forbes magazine, was put up for
[24]
sale. This was encouraged by minority shareholders Elevation Partners. Sale
documents prepared by Deutsche Bank revealed that the publisher's 2012 earnings
[25]
before interest, taxes, depreciation, and amortization was US$15 million. Forbes
[25]
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
[3][4][18]
Investments purchased a 51 percent majority of the company.

In 2017, Isaac Stone Fish, a senior fellow of the Asia Society, wrote in The Washington
Post that "Since that purchase, there have been several instances of editorial meddling
on stories involving China that raise questions about Forbes magazine's commitment to
[26]
editorial independence."

Failed SPAC merger and sale[edit]

On August 26, 2021, Forbes announced plans to go public via a merger with a special-
purpose acquisition company called Magnum Opus Acquisition, and to trade on the
[27]
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
[28][29]
result of the SPAC flotation. In June 2022, the company terminated its SPAC
[30]
merger citing unfavorable market conditions.
 [31]
In August 2022, the company announced that it was exploring a sale of its business.
In May 2023, it was announced that billionaire Austin Russell, founder of Luminar
Technologies, agreed to acquire an 82 percent stake in a deal valuing the company at
[32]
$800 million. His majority ownership was to include the remaining portion of the
company owned by the Forbes family which was not previously sold to Integrated
[33][34]
Whale Media. The transaction attracted scrutiny by the Committee on Foreign
Investment in the United States. Russell denied reports that Russian businessman
[32]
Magomed Musaev was involved in the transaction. In November 2023, the deal
[35]
collapsed, as Russell was unable to put together the necessary funds.