F ORBE S

THE CAPITALIST TOOL

What is Forbes?

Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek. The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the world's top companies (the Forbes Global 2000), and The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool". Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. It was sold to a Hong Kong-based investment group, Integrated Whale Media Investments.

Forbes

B.C. Forbes

Forbes

Forbes was born in New Deer, Aberdeenshire, in Scotland, the son of Agnes (Moir) and Robert Forbes, a storekeeper and tailor. After studying at University College, Dundee (then part of the University of St Andrews), in 1897 Forbes worked as a reporter and editorial writer with a local newspaper until 1901 when he moved to Johannesburg, South Africa, where he worked on the Rand Daily Mail under its first editor, Edgar Wallace. He emigrated to New York City in the United States in 1904 where he was employed as a writer and financial editor at the Journal of Commerce before joining the Hearst chain of newspapers as a syndicated columnist in 1911. He left Hearst after two years to become the business and financial editor at the New York American where he remained until 1916.

He founded Forbes magazine in 1917 and remained editor-in-chief until his death in New York City in 1954, though assisted in his later years by Bruce Charles Forbes (1916–1964) and Malcolm Stevenson Forbes (1919–1990), his two eldest sons.Forbes was the founder of the Investors League in 1942. He died on May 6, 1954. His body was returned to his native Scotland, and lies buried in the New Deer Churchyard at Hill of Culsh in New Deer, Aberdeenshire.

Company history

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street, founded Forbes magazine on September 15, 1917. Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings. Drey became vice-president of the B.C. Forbes Publishing Company, while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Stevenson Forbes (1917–1990).

Bruce Forbes took over on his father's death, and his strengths lay in streamlining operations and developing marketing. During his tenure, 1954–1964, the magazine's circulation nearly doubled.

On Bruce's death, his brother Malcolm Stevenson "Steve" Forbes Jr. (born 1919) became President and Chief executive of Forbes and Editor-in-Chief of Forbes magazine. Between 1961 and 1999 the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part. A 2009 New York Times report said: "40 percent of the enterprise was sold ... for a reported $300 million, setting the value of the enterprise at $750 million". Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now". It was later revealed that the price had been US$264 million.

Forbes.com

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic off an estimated $70 million to $80 million a year in revenue,never yielded the hoped-for public offering".

Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$100,000, according to the company. 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. Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web. 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.

David Churbuck founded Forbes's web site in 1996. The site uncovered Stephen Glass's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's popularity.

Currently, the website also blocks internet users using ad blocking software (such as Adblock Plus) from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access is granted. Forbes argues that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from Forbes site.