Forbes Media in talks to be acquired by GSV-led group

New York

FORBES Media has entered exclusive talks to be acquired by a group led by Michael Moe's GSV Asset Management, in a deal that values the business-news publisher at more than US$600 million, said people with knowledge of the matter.

While a transaction is not finalised, it is possible it may be agreed in coming months, they said, who requested anonymity as the talks are private.

"We have no comment, but investors have consistently shown interest in Forbes, which has produced three years of record results," Forbes spokesperson Matthew Hutchison said in a statement. "2021 is shaping up to be a strong year as well."

A GSV Asset Management representative declined to comment.

In 2014, Hong Kong-based Integrated Whale Media Investments acquired a controlling stake in Forbes in a deal that valued the company at US$475 million. Forbes' founding family retained a minority stake following that transaction, it said at the time.

BC Forbes founded the magazine in 1917, which prospered under his son Malcolm.

Malcolm's son, Steve, ascended to president and chief executive officer of the company and editor-in-chief of the magazine in 1990. He twice ran for US president.

The company, which also operates events, says its brand reaches more than 140 million people worldwide.

Forbes competes with Bloomberg's Bloomberg News in tracking the wealth of billionaires across the globe and providing financial news.

GSV Asset Management describes itself as a merchant bank that advises and invests in businesses, its website showed. Its founder Mr Moe is a Silicon Valley veteran who rose to prominence as an equity research analyst. BLOOMBERG