Forbes (/fɔːrbz/) is an American business magazine founded byB. C. Forbes in 1917 and owned byHong Kong–based investment group Integrated Whale Media Investments since 2014.[3][4] Its chairman and editor-in-chief isSteve Forbes.[5] The company is based inJersey City, New Jersey. Sherry Phillips was slated to become the new CEO at Forbes on January 1, 2025.[6]
Published eight times per year,Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is known for its lists and rankings, including its lists of the richest Americans (theForbes 400), of30 notable people under the age of 30, of America's wealthiest celebrities, of the world's top companies (theForbes Global 2000), ofthe world's most powerful people, and ofthe world's billionaires.[7] The motto ofForbes magazine is "Change the World".[8]
Forbes Building onFifth Avenue in New York City, the former headquarters of Forbes in Manhattan (now owned by New York University)
Forbes Media headquarters at 499 Washington Blvd, Jersey City since 2014
B. C. Forbes, a financial columnist for theHearst papers, and his partner Walter Drey, the general manager of theMagazine of Wall Street,[9] foundedForbes magazine on September 15, 1917.[10][11] Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine wasForbes: Devoted to Doers and Doings.[9] Drey became vice-president of the B.C. Forbes Publishing Company,[12] while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) andMalcolm Forbes (1919–1990).
Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing.[10] During his tenure, from 1954 to 1964, the magazine's circulation nearly doubled.[10]
On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief ofForbes magazine.[13] Between 1961 and 1999 the magazine was edited byJames Michaels.[14] In 1993, under Michaels,Forbes was a finalist for theNational Magazine Award.[15] In 2006, an investment groupElevation Partners that includes rock starBono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part.[13][16] A 2009New York Times report said: "40 percent of the enterprise was sold... for a reported $300 million, setting the value of the enterprise at $750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now."[17] It was later revealed that the price had been US$264 million.[18]
In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $165 million. Much of the revenue growth was attributed to Forbes' consumer business, which was up 83 percent year-over-year.[19] CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers.[20]
In January 2010,Forbes reached an agreement to sell its headquarters building onFifth Avenue inManhattan toNew York University; terms of the deal were not publicly reported, but Forbes was to continue to occupy the space under a five-yearsale-leaseback arrangement.[21] The company's headquarters moved to theNewport section ofdowntown Jersey City, New Jersey, in 2014.[22][23]
In November 2013, Forbes Media, which publishesForbes magazine, was put up for sale.[24] This was encouraged by minority shareholdersElevation Partners. Sale documents prepared byDeutsche Bank revealed that the publisher's 2012earnings before interest, taxes, depreciation, and amortization was US$15 million.[25]Forbes reportedly sought a price of US$400 million.[25] In July 2014, theForbes family bought out Elevation and then Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority of the company.[3][4][18]
In 2017, Isaac Stone Fish, a senior fellow of theAsia Society, wrote inThe Washington Post that "Since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence."[26]
On August 26, 2021, Forbes announced plans to go public via a merger with aspecial-purpose acquisition company called Magnum Opus Acquisition, and to trade on the New York Stock Exchange as FRBS.[27] In February 2022, it was announced thatCryptocurrency exchangeBinance would acquire a $200 million stake in Forbes as a result of the SPAC flotation.[28][29] In June 2022, the company terminated its SPAC merger citing unfavorable market conditions.[30]
In August 2022, the company announced that it was exploring a sale of its business.[31] In May 2023, it was announced that billionaireAustin Russell, founder ofLuminar Technologies, agreed to acquire an 82percent stake in a deal valuing the company at $800million.[32] His majority ownership was to include the remaining portion of the company owned by the Forbes family which was not previously sold to Integrated Whale Media.[33][34] The transaction attracted scrutiny by theCommittee on Foreign Investment in the United States. Russell denied reports that Russian businessmanMagomed Musaev was involved in the transaction.[32] In November 2023, the deal collapsed, as Russell was unable to put together the necessary funds.[35]
Chairman / Editor-in-chief Steve Forbes and his magazine's writers offer investment advice on the weeklyFox TV showForbes on Fox and onForbes on Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009Times report: "Steve Forbes recently returned from opening up aForbes magazine in India, bringing the number of foreign editions to 10." In addition, that year the company began publishingForbesWoman, a quarterly magazine published by Steve Forbes's daughter,Moira Forbes, with a companion Web site.[17]
The company formerly publishedAmerican Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007.[38]
The company also formerly publishedAmerican Heritage andInvention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007.[39] Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008.[40] Forbes has published theForbes Travel Guide since 2009.[41]
In 2013, Forbes licensed its brand toAshford University, and assisted with the launch of theForbes School of Business & Technology.[42] CEO Mike Federle justified the licensing in 2018, stating that "Our licensing business is almost a pure-profit business, because it's anannual annuity."[43] Forbes would launch limited promotions for the school in limited issues. Forbes has never formally endorsed the school.
On January 6, 2014,Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content fromForbes magazine and Forbes.com within the app.[44]
David Churbuck foundedForbes's web site in 1996. The site uncoveredStephen Glass'sjournalistic fraud inThe New Republic in 1998, an article that drew attention tointernet journalism.[45] At the peak of media coverage of allegedToyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate.[46][47][20]
Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion ofRealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site.[48] The 2009Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-forpublic offering".[17]
Forbes.com uses acontributor network in which a wide network of freelancers ("contributors") writes and publishes articles directly on the website.[49] Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$100,000, according to the company.[49] The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging ofpublic relations material as news.[50]Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue.[51] In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place.[52]
As of 2019 the company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing.[53] This business model, in place since 2010,[54] "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism.[53] Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022.[50]
In 2017 the website blocked internet users usingad blocking software from accessing articles, demanding that the website be put on the ad blocking software'swhitelist before access was granted.[55] Forbes argued that this is done because customers using ad blockingsoftware do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site.[56]
In November 2019, Forbes launched a streamingplatform Forbes8, highlighting notable entrepreneurs and sharing business tips.[58][59][60] In 2020, the network announced the release of several documentary series includingForbes Rap Mentors,Driven Against the Odds,Indie Nation andTitans on the Rocks.[61][62]
^Delbridge, Emily (November 21, 2019)."The 8 Best Business Magazines of 2020".The Balance Small Business. New York City: Dotdash. Best for Lists: Forbes. RetrievedFebruary 8, 2020.
^abcGorman, Robert F. (ed.) (2007) "September 15, 1917:Forbes Magazine is founded"The Twentieth Century, 1901–1940 (Volume III) Salem Press, Pasadena, California, pp. 1374–1376 [1375],ISBN978-1-58765-327-8
^"Media Kit 2013"(PDF).Forbes Middle East. Archived fromthe original(PDF) on November 5, 2014. RetrievedSeptember 18, 2014.
^Commerce and Industry Association of New York (November 18, 1922) "The Association Prepares for New Demands: The Volunteer Workers"Greater New York: Bulletin of the Merchants' Association of New York Commerce and Industry Association of New York City,p. 6,OCLC2447287
^abTrachtenberg, Jeffrey A (July 19, 2014)."Forbes sold to Asian investors".MarketWatch. Market Watch, Inc.Archived from the original on July 20, 2014. RetrievedJune 18, 2017.
^Haughney, Christine; Gelles, David (November 15, 2013)."Forbes Says It Is for Sale".The New York Times.Archived from the original on November 16, 2013. RetrievedNovember 25, 2013.
^Fish, Isaac Stone (December 14, 2017)."Chinese ownership is raising questions about the editorial independence of a major U.S. magazine".The Washington Post. Archived fromthe original on December 15, 2017. RetrievedNovember 22, 2020.When a Chinese company buys a major American magazine, does the publication censor its coverage of China? There is only one example so far, and the results are discouraging. In 2014, a Hong Kong-based investment group called Integrated Whale Media purchased a majority stake in Forbes Media, one of the United States' best-known media companies. It's hard to demonstrate causality in such cases. But since that purchase, there have been several instances of editorial meddling on stories involving China that raise questions about Forbes magazine's commitment to editorial independence.
Merid, Fevin (2023) "Big Business: The disarray and discontent at Forbes" Columbia Journalism Review[1]
Benton, Joshua (2022) "An incomplete history of Forbes.com as a platform for scams, grift, and bad journalism" NiemanLabs[2]
Forbes, Malcolm S. (1973).Fact and Comment. Knopf, New York,ISBN0-394-49187-4; twenty-five years of the editor's columns fromForbes
Grunwald, Edgar A. (1988).The Business Press Editor. New York University Press, New York,ISBN0-8147-3016-7
Holliday, Karen Kahler (1987).A Content Analysis ofBusiness Week,Forbes andFortune from 1966 to 1986. Master's of Journalism thesis from Louisiana State University, Baton Rouge, 69 pages,OCLC18772376, available on microfilm
Kohlmeier, Louis M.; Udell, Jon G. and Anderson, Laird B. (eds.) (1981).Reporting on Business and the Economy. Prentice-Hall, Englewood Cliffs, New Jersey,ISBN0-13-773879-X
Kurtz, Howard (2000).The Fortune Tellers: Inside Wall Street's Game of Money, Media, and Manipulation. Free Press, New York,ISBN0-684-86879-2
Parsons, D. W. (1989).The Power of the Financial Press: Journalism and Economic Opinion in Britain and America. Rutgers University Press, New Jersey,ISBN0-8135-1497-5
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