Forbes Media has confirmed that a group of international investors led by Hong Kong-based Integrated Asset Management (IAM) will buy a majority stake in the business news company.

IAM joined Singapore-based investor Wayne Hsieh, the co-founder of ASUSTeK Computer Inc., to form the investment group Integrated Whale Media Investments, which will carry out the purchase.

Like Us on Facebook

IAM is a Hong Kong-based investment firm that has interests in finance, technology and telecommunications. ASUSTeK is a leading PC vendor and the world's No.1 manufacturer of motherboards.

There was no information on how much Integrated Whale Media is paying for the deal, but people familiar with the matter put Forbes Media's enterprise value at US$475 million.

Steve Forbes, whose grandfather founded Forbes magazine in 1917, welcomed International Whale Media's participation in the company, saying it was a "major milestone" for the organization.

He said that, in addition to providing capital, the "forward-looking" investment group will "leverage its international relationships" to expand the U.S. media giant's global reach.

Under the deal, Forbes Media will keep its operating name and will continue to be a privately held, independent firm. Steve Forbes said his family would retain a "significant" interest in the company.

Management of the firm will continue to be under the helm of current President and CEO Mike Perlis. Steve Forbes will remain Chairman and Editor-in-Chief, and Will Adamopoulos will continue to be Forbes Media Asia's CEO.

Forbes Media's businesses cover both print and electronic media, reaching around 75 million people worldwide each month.  

Underlining Forbes Media's potential for growth, IAM Chairman and Founder Tak Cheung Yam said that "as more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience."

Forbes Media announced on Friday that it was profitable and that it had its best performance in the last six years in 2013. 

TagsForbes Media shares, Steve Forbes, Wayne Hsieh, Tak Cheung Yam