Forbes

• 1. Founding And Early Leadership

  ›

  On the 15th of September 1917, B. C. Forbes and his partner Walter Drey launched a new publication in New York City. The magazine carried the original title Forbes: Devoted to Doers and Doings. B. C. Forbes provided the capital and the name while Drey brought publishing expertise to the venture. Drey served as vice-president of the B.C. Forbes Publishing Company until the 18th of November 1922. B. C. Forbes held the role of editor-in-chief from that founding moment until his death in 1954. He was assisted by his two eldest sons Bruce Charles Forbes and Malcolm Forbes during his later years. Bruce Forbes took over after his father died and focused on streamlining operations and developing marketing strategies. During his tenure from 1954 to 1964 the magazine's circulation nearly doubled.

• 2. Ownership Transitions And Sales

  ›

  In July 2014 Hong Kong-based investment group Integrated Whale Media Investments purchased a 51 percent majority stake in the company. This sale followed a period where minority shareholders Elevation Partners encouraged the family to sell the business. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 earnings before interest taxes depreciation and amortization were US$15 million. Forbes reportedly sought a price of US$400 million for the enterprise. In August 2021 Forbes announced plans to go public via a merger with Magnum Opus Acquisition. The company intended to trade on the New York Stock Exchange under the ticker symbol FRBS. In February 2022 it was announced that cryptocurrency exchange Binance would acquire a $200 million stake in Forbes as part of this SPAC flotation. By June 2022 the company terminated its SPAC merger citing unfavorable market conditions. In May 2023 billionaire Austin Russell agreed to acquire an 82 percent stake in a deal valuing the company at $800 million. That transaction collapsed in November 2023 when Russell failed to secure necessary funds.

• 3. Global Expansion And Editions

  ›

  The magazine now maintains international editions covering 69 countries worldwide through licensing agreements. These include Forbes Africa Forbes Afrique and Forbes África Lusófona among many others across Asia Europe and the Americas. Steve Forbes opened a new edition in India bringing the number of foreign editions to 10 by 2009. The company also publishes ForbesLife as a lifestyle supplement alongside the main business publication. Some editions have ceased publication including Forbes Baltic Forbes Estonia and Forbes Russia. Forbes has published the Forbes Travel Guide since 2009. The company formerly published American Heritage and Invention & Technology magazines before suspending them in May 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication in spring 2008.

• 4. Digital Transformation And Controversy

  ›

  David Churbuck founded Forbess web site in 1996 and it uncovered Stephen Glass's journalistic fraud in 1998. The website employs a contributor network where freelancers write articles directly on the platform. Contributors are paid based on traffic to their respective pages with some earning over US$100,000 according to the company. As of 2019 the company published 100 articles each day produced by 3,000 outside contributors who received little or no pay. This business model changed their reputation from being a respectable business publication to a content farm according to Damon Kiesow. Harvard University's Nieman Lab deemed Forbes a platform for scams grift and bad journalism as of 2022. 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. 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.

• 5. Signature Lists And Rankings

  ›

  The magazine is known for its lists including the Forbes 400 which ranks the richest Americans. It also publishes the Forbes 30 Under 30 list featuring 30 notable people under the age of 30. Other rankings include America's wealthiest celebrities and the world's top companies listed as the Forbes Global 2000. The publication releases annual lists of the world's billionaires and the world's most powerful people. Steve Forbes and his writers offer investment advice on the weekly Fox TV show Forbes on Fox. The company launched ForbesWoman a quarterly magazine published by Steve Forbes's daughter Moira Forbes in 2009. These lists have become cultural touchstones despite criticism regarding their methodology and influence.

• 6. Media Diversification And Streaming

  ›

  In November 2019 Forbes launched a streaming platform named Forbes8 highlighting notable entrepreneurs and sharing business tips. The network announced several documentary series in 2020 including Forbes Rap Mentors Driven Against the Odds Indie Nation and Titans on the Rocks. Forbes Conference Group and Forbes Investment Advisory Group operate alongside the main publishing division. From 2009 to 2013 the company licensed its brand to Ashford University assisting with the launch of the Forbes School of Business & Technology. CEO Mike Federle justified the licensing in 2018 stating that their licensing business is almost a pure-profit business because it is an annual annuity. Forbes has never formally endorsed the school but ran limited promotions for it in selected issues. The company also publishes Forbes Life as a lifestyle supplement alongside the core business magazine content.