And Forbes Media has sold a majority stake in its company to a Hong Kong-based group of international investors.
Paul, we're talking about one of the most iconic media empires in America. How much did this deal cost?

The agreement, announced this past weekend, stated that the deal would hand over Forbes magazine and its media affiliates... to Integrated Whale Media Investments for an undisclosed sum.
But an inside source, according to Bloomberg,... says the transaction is valued at 4-hundred-75 million dollars.
If the sale goes through, Steve Forbes will remain as chairman and editor-in-chief while the Forbes family will stay on as a minority shareholder.
Steve Forbes said the sale of the company founded by his grandfather.... should be seen as an opportunity to strengthen the company.
The deal is significant as Forbes Media has been under the family's ownership for nearly a century, becoming a pioneer in American business journalism.
Conditions of the agreement also stated that Forbes Media will stay an independent company with its headquarters firmly planted in New York City. Chery.

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