Forbes Family Giving Up Magazine Control for a Half-Billion Dollars

It pays to be a life-long apologist for the establishmnent elite. I mean it really pays.

The Forbes family is giving up control over the media empire it cultivated for almost a century by selling a majority stake to a Hong Kong-based group, reports Bloomberg.

The transaction valued Forbes Media LLC at $475 million, and will shift control to a group of investors led by Integrated Asset Management (Asia) Ltd., founded by investor Tak Cheung Yam.

Steve Forbes will remain chairman and editor-in-chief, and the Forbes family will hold a minority stake.