A long legal battle over the takeover of Forbes magazine has been settled after the Chinese investors who bought the media company in 2014 agreed an out of court deal with the Forbes family.
The dispute started in October 2015 when Hong Kong company Integrated Whale Media (IWM) failed to pay a $40,000 interest instalment connected to its $415m deal to buy 95 per cent of Forbes a year earlier.
According to a legal document sent to a Delaware court in December 2015 — seen by the Financial Times — the deal was split into two tranches, with IWM paying $350m for 80 per cent of Forbes at the time of the agreement and another $65.6m in a series of instalments.
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