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Posts Tagged ‘Steve Forbes’

Forbes Media Sells Majority Stake to Hong Kong Investor Group

In the past six years, Forbes has expanded its international publishing reach from nine licensed local editions to 36. Content is now consumed in 63 countries, in 21 different languages.

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Today, the company solidified its international reach with the announcement that a majority stake has been sold to a group of Asian investors. From today’s release:

The newly formed Hong Kong-based investor group Integrated Whale Media Investments (“IWM”) is composed of international investors. The group is led by Integrated Asset Management (Asia) Limited (“IAM”).

IAM, which was founded by Tak Cheung Yam, is a Hong Kong-based investment company primarily engaged in public and private equity investments, with expertise in telecommunications, finance and technology. Another significant investor in IWM, Wayne Hsieh is the co-founder of ASUSTeK Computer Inc., one of the world’s leading PC vendors and the No.1 motherboard manufacturer in the world. He is based in Singapore.

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Steve Forbes, John Kerry Call Attention to Journalist’s Unsolved Murder

Will the July 9, 2004 murder in Moscow of rising Forbes Russia editor Paul Klebnikov ever be solved? It’s hard to say.

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On Wednesday, Forbes Media CEO and editor-in-chief Steve Forbes sent out several tweets marking the tenth anniversary of the crime, including the message above. And from Washington D.C., Secretary of State John Kerry issued a powerful statement, which began as follows:

Ten years ago today, an American journalist was shot and killed as he left his Moscow office. Paul Klebnikov did more than write about politics and business in Russia. He was a voice of conscience in the fight against corruption.

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Steve Forbes Brushes Off Fortune Article

Well that didn’t take long. A little over an hour ago FishbowlNY mentioned that Fortune has a piece coming out in August that details the financial failings of Forbes Media. All Things D just got its hands on an internal memo from Steve Forbes regarding the Fortune article, and his reaction can be summed up in three words: “Haters gonna hate.”

Here’s a portion of the note:

Today Fortune magazine published a story on Forbes with the clear intention of disrupting the business of its most formidable competitor.

Fortune was aware that this was highly confidential, private information and of no value to release to the public. Though the intention is to harm our business, it will not adversely impact Forbes because it highlights a very difficult time in the past when all the media industry was going through unprecedented upheaval.

Forbes adds that the company is sending out a public response too. Like we mentioned, we were hoping for a Forbes article about the finances at Fortune, but looks like we’ll have to settle for imagining Mr. Forbes kicking back and brushing his shoulders off.

Stockton Rallies Against Forbes ‘Most Miserable City’ Label

It’s that time of the year again. A glorious time when all the pretense of the American class war is stripped. When titans of industry and crooked Wall Street flacks cease their Orwellian onslaught against “greedy” teachers and public servants to allow billionaire publisher Steve Forbes to openly shit on the plight of the less fortunate without rhetorical subterfuge. Yes, it’s time for Forbes’ annual list of “America’s Most Miserable Cities.”

For the second year in a row, the city of Stockton is on top of Forbes‘ list. And they aren’t happy about it. Even though the list was published last month, the city is still worked up about the designation, which Stockton City Manager Bob Deis called “the equivalent of bayoneting the wounded.”

The LA Times sent a reporter out to talk to some unhappy Stocktonites, who are planning a citywide rally to tell Forbes what’s what.

On April 23, streets will be closed and a photographer on a crane will capture a crowd of residents wearing bright green and yellow “Stockton is miserable!” T-shirts — with the word “miserable”‘ crossed out and “magnificent!” inserted in its place. The image will be blown up to poster size, with one copy displayed at City Hall and another shipped to Forbes’ headquarters in New York.

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Forbes Looking Into European Edition

According to The Daily Telegraph, Steve Forbes may roll out a Forbes Europe title in 2011.  He cites a rise in European reader interest in business and forecasts an economic recovery as reasons to launch the new magazine.  Forbes said European advertisers are attracted to the prospects of Forbes Europe and the timing for a new edition is perfect:

Even though everyone is focused on Ireland, Greece, Portugal and Spain, there is a recovery coming. And this is precisely the right time to move in. We want it [Forbes Europe] to be entrepreneurial. This is the right time for a European magazine.

Other than their U.S. version, the company publishes Forbes Asia.  The two titles have attracted a total audience of over six million readers.  Forbes Europe headquarters will be located in London or Paris.

Mike Perlis Named President and CEO at Forbes Media

Mike Perlis was introduced today as president and CEO of Forbes Media. Company chairman and editor-in-chief Steve Forbes made the announcement.

“With the arrival of Mike Perlis, Forbes has been joined by someone who is a proven leader, with great successes in his impressive career. We are fortunate he will be leading the company as CEO, charged with taking a great brand to greater, expanded success,” Forbes said. ”Mike is a well-liked, known and admired force in our business. His experience, coupled with the range of arenas he has spent time in, are the ideal skills that Forbes demands in the days and years moving forward. He will be joining the company on December 1st.”

Perlis joins Forbes Media from SoftBank Capital, a venture capital firm focused on high growth internet based businesses, where he served as a General Partner.  He focused on content businesses including, Beliefnet, Huffington Post, Associated Content, and Buzzfeed.  Prior to joining Softbank, Perlis served as president and CEO of Ziff- Davis Publishing, president of TVSM and president of the Playboy Publishing Group.

Photo Credit: Walter Smith

Time Inc. Earnings|USA Weekend President Retires|Steve Forbes|Mags’ Circ Not Up, But Not Down As Much|Eavesdropping At Harper’s

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All Things D: In reporting its earnings today, Time Warner said that revenues in its Time Inc. magazine division were down, but not as much as they had been in previous quarters.

E&P: Marcia Bullard president of USA Weekend, USA TODAY‘s weekend edition, is retiring at the end of March. She will be replaced by publisher Charles Gabrielson, who will be adding the title of president to his responsibilities.

MarketWatch: Steve Forbes: online revenues won’t replace advertising.

Advertising Age: Like Time Inc.’s earnings, magazines are still reporting declines in circulation, they’re just not as steep as they have been in recent months.

Observer: A Harper’s Magazine exec eavesdropped while his boss was being interviewed by New York Times reporter Stephanie Clifford.

More Changes To Come At Forbes?

forbeshq.jpgTwo weeks after selling its 60 Fifth Ave headquarters to New York University, Forbes Media may be planning to move its staff back into the prestigious building, according to Keith Kelly.

Last year’s move to 90 Fifth Ave, the home of Forbes magazine’s dotcom business, looked to combine the resources of the print and Web teams. But since then, the business magazine has dramatically slashed its staff and Forbes.com lost its CEO. As Kelly reported today, at the time of the move, Steve Forbes said the company had “outgrown its space.” So does a move back reflect how much Forbes has shrunk in the past year?

Another interesting tidbit from Kelly’s Forbes item today involved additional cutbacks at the magazine:

“The slide in ad pages at Forbes — they fell more than 30 percent last year — is prompting a change in the way the magazine is bound together. Instead of being glued together in a binding method known as ‘perfect bound,’ the pages will be stapled. It is a tacit acknowledgement that the magazine will remain slimmer for a longer period of time.”

We’ve reached out to Forbes for comment, but have yet to hear from them. If you have any info, send us an email or drop a tip in the anonymous box at right.

Read more: Forbes Staff ShuffleNew York Post

Previously: Forbes Layoffs Decimate Staff

A New Direction For Forbes?

forbescover.jpgNow that the latest round of brutal layoffs is under way at the publication known as the Capitalist Tool, word on the street is that Forbes is looking to take its content in a new direction.

This week’s cuts — which were said to affect as many as 100 employees company wide — are just the latest in a series of changes Forbes has made in the past year. Last November, the company shuttered ForbesAuto.com, laying off its employees. A sister site, ForbesTraveler.com, remained open — until this week. We’re told that site has now been shut down as well, with its content being woven into Forbes.com.

Another round of layoffs hit the company in January, as Forbes prepared to merge its print and online editorial operations. Comparing lists of names of those cut then compared to this week, however, it became obvious that there was a shift in the weather. And speaking with some of those employees who got the boot yesterday, we knew we were on to something.

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Breaking: More Layoffs Hit Forbes

forbescover.jpgThere have been rumors for the past few weeks that Forbes would be cutting more staff sometime soon, and it looks like the time has finally come.

We just learned that a memo went out to staff this afternoon from Steve Forbes explaining the situation:

“We — and the entire media world — have been hit hard by both the severe recession and the seismic shifts wrought by the Web. Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organization…While these are acutely challenging times, Forbes Media is making the strategic and organizational changes that will enable us not only to weather these storms, but ultimately to emerge as a stronger company, well-positioned to expand and prosper in the years ahead.”

Although the layoffs are promised to come from “across the entire organization” reporters from Forbes magazine and Forbes.com might have a glimmer of hope: BusinessInsider.com is hiring.

Update: We’ve heard that layoffs haven’t started yet, but it looks like the top level managers may already know who they have to cut and the bloodletting might start tomorrow.

Know anything? Send us an email.

Forbes’ full memo, after the jump

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