China’s HNA Group in Talks to Spend Over USD400 Million for Controlling Stake in Forbes

Yicai

2017-03-28

(Yicai Global) March 28 -- HNA Group, a Chinese travel conglomerate, is in talks to buy a controlling stake in Forbes magazine, Reuters reported.

Founded more than 100 years ago, the Forbes family gave up its controlling stake in the magazine three years ago, selling to a Hong Kong-based firm for USD475 million. The company, said to be Integrated Whale Media Investments, holds a 95 percent stake in the magazine and is in talks with another Chinese media firm about selling equity.

HNA ranked 353rd in the 2016 Fortune Global 500 list of the world’s largest companies. It has reportedly been in talks with Integrated Whale for weeks in a deal worth at least USD400 million. IWM and Forbes declined to comment.

With assets worth more than USD100 billion, HNA has been expanding out of its aviation and logistics businesses to move into finance, media and culture. Late last year, HNA capital, the group’s financial arm, acquired an 80 percent stake in Beijing Lianban Caixun Cultural Media, which operates Caijing magazine’s website.

“HNA will continue to look for quality media assets both at home and abroad,” insiders said. “It hopes to display publications it owns or invests in on its planes and in its hotels across the world.”

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