Forbes Media is suing Integrated Whale Media Investment, alleging that the Hong Kong investment firm had borrowed from the Forbes family to finance part of last year’s majority stake sale and defaulted under the terms of their agreement.
Interestingly, last year when Forbes Media agreed to sell the majority stake to Integrated Whale, Steve Forbes, the chairman and editor in chief, said he got nearly everything he wanted out of the deal.
Forbes Media sold majority stake last year
As outlined by ValueWalk, Forbes Media sold a majority stake in the media firm, which was valued in total at $475 million. Forbes was seeking a near $400 million valuation in November 2013....
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