The publisher of the US business magazine Forbes said on Saturday that a controlling stake in the group had been sold to a Hong Kong-based investment consortium. Forbes Media will remain privately held and US-based, but a majority stake is being sold to the newly formed Integrated Whale Media Investments, based in Hong Kong. Also Read - Virat Kohli Becomes First Cricketer to Top Forbes India 100 List With Staggering Earning of Rs 252 Crore

The Forbes family will retain “a significant ownership stake” in the company under the plan and will continue to participate in its operations. Steve Forbes, grandson of the company’s founder, will maintain his role as chairman and editor-in-chief under the plan, which brings new capital into the publishing group. Also Read - Forbes' List of World's 100 Most Powerful Women: Nirmala Sitharaman Debuts at 34

“This is a major milestone for the company and our family, and we’re pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company,” Steve Forbes said in a statement. Also Read - Akshay Kumar Gets Fourth Spot on Forbes World's Highest Paid Actors 2019 List

The group is led by Integrated Asset Management (Asia) Limited founded by Tak Cheung Yam. The amount of the investment was not disclosed by Forbes, but the New York Times said it will be some $475 million.

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