The publisher of the US business magazine Forbes said Friday 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.
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.
"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.
The amount of the investment was not disclosed by Forbes, but the New York Times said it will be some $475 million.
The magazine, known for its rankings of wealthy Americans and global business leaders, was launched in 1917 by Scottish immigrant BC Forbes.
The magazine has some six million readers in the United States and international editions published in 21 languages, which brings the number of global readers to some 75 million.
The move comes amid turmoil in the print journalism segment, following the spinoff of Time Inc. -- which publishes Forbes rival Fortune -- by conglomerate Time Warner.