Forbes facts for kids
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Cover of the issue from December 20, 2010, featuring WikiLeaks founder Julian Assange
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| Chairman / Editor-in-chief | Steve Forbes |
|---|---|
| Executive Editor | Kerry Lauerman |
| Categories | Business magazine |
| Frequency | Twice quarterly |
| Publisher | Forbes Media |
| Total circulation (2023) |
514,184 |
| Founder | B. C. Forbes |
| First issue | September 15, 1917 |
| Company | Integrated Whale Media Investments |
| Country | United States |
| Based in | Jersey City, New Jersey, U.S. |
| Language | English |
| ISSN | 0015-6914 |
| OCLC | 6465733 |
Forbes is a very famous American business magazine. It was started in 1917 by a financial writer named B. C. Forbes. Today, the company belongs to an investment group from Hong Kong called Integrated Whale Media Investments. The main office is in Jersey City, New Jersey. The chairman and top editor of the magazine is Steve Forbes.
The magazine comes out eight times each year. It is full of articles about finance, big companies, investing, and marketing. It also teaches readers about new inventions in technology, developments in science, world politics, and legal rules in law. Many people know Forbes best for its popular rankings and lists. These lists show the most successful leaders, companies, and innovators across the globe.
Contents
The Early History and Growth of Forbes Magazine
Long ago, B. C. Forbes worked as a business writer for newspapers owned by William Randolph Hearst. He loved writing about commerce and money. He teamed up with Walter Drey, who was a manager for another publication called the Magazine of Wall Street. Together, they decided to launch a new publication on September 15, 1917. B. C. Forbes provided the funding and the family name. Drey brought valuable experience in printing and selling magazines.
At first, the full title was Forbes: Devoted to Doers and Doings. Drey served as the vice president, and B. C. Forbes served as the chief editor. He stayed in that role for many years until he died in 1954. During his later years, his two sons, Bruce Charles Forbes and Malcolm Forbes, worked closely with him. They helped run the family printing business and grow its readership.
Leadership Under the Forbes Family
After their father passed away, Bruce Forbes took over leading the company. He was very talented at organizing company operations and creating strong marketing campaigns. Because of his hard work, the number of people reading the magazine nearly doubled between 1954 and 1964.
When Bruce passed away, his younger brother Malcolm Forbes became the president and chief editor. Malcolm was known for his big personality and love of adventures, like hot air balloons. Under his direction, the magazine hired an editor named James Michaels in 1961. Michaels led the writing staff for almost forty years. He pushed reporters to write clearly and investigate businesses thoroughly. In 1993, the magazine became a finalist for the prestigious National Magazine Awards.
Big Business Changes and New Owners
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In 2006, an investment company called Elevation Partners, which included the famous musician Bono, bought part of the business. A new company called Forbes Media LLC was formed to manage the printed magazine and its website together. The Forbes family still owned a large portion of the business during this time.
In 2010, the company made an important real estate move. It sold its historic headquarters building on Fifth Avenue in Manhattan to New York University. The staff stayed there for a short time by renting the space. In 2014, the team relocated across the river to the Newport area of downtown Jersey City, New Jersey.
Also in 2014, a major change in ownership happened. An investment group based in Hong Kong called Integrated Whale Media Investments bought 51 percent of the company. A business researcher named Isaac Stone Fish from the Asia Society later discussed in The Washington Post how foreign ownership can affect news coverage. Later on, business leaders looked at different ways to sell shares on the New York Stock Exchange through a special-purpose acquisition company. In 2022, a major Cryptocurrency exchange named Binance planned to invest funds into the brand, but that deal ended when market conditions changed. In 2023, an entrepreneur named Austin Russell, who created Luminar Technologies, tried to purchase most of the company, but that agreement ended as well.
What Readers Learn Inside Forbes
The printed magazine covers many different areas of modern commerce. Reporters research how large corporations make their products and sell them to customers. Writers explore how young innovators use computer technology and science to solve problems. Readers also find articles about global politics and trade rules created under international law.
Famous Lists and Rankings
Forbes is globally famous for ranking the most successful individuals and businesses:
- The World's Billionaires: This annual report lists the wealthiest people around the globe and details the companies they built.
- The Forbes 400: This ranking tracks the four hundred wealthiest citizens in the United States.
- The Forbes 30 Under 30: A widely celebrated list honoring thirty outstanding young leaders across fields like science, sports, and technology.
- The Forbes Global 2000: A comprehensive ranking that rates the top two thousand public companies in the world.
- The World's Most Powerful People: A review identifying influential world leaders, inventors, and business directors.
- The World's 100 Most Powerful Women: A list showcasing female prime ministers, business leaders, and philanthropists.
- The List of centibillionaires: A special group recognizing people with immense fortunes exceeding one hundred billion dollars.
Other Media and Publications
Over the decades, the brand expanded into many other formats. The company created local editions for countries worldwide, including Forbes España and Forbes India. The firm also developed the Forbes Travel Guide, which rates top hotels and restaurants around the globe.
In the past, the company helped run historical magazines like American Heritage, Invention & Technology, and American Legacy. For television and radio audiences, Steve Forbes appeared on programs like Forbes on Fox on the Fox News Channel. The company also partnered with the Forbes School of Business & Technology at Ashford University. In 2019, it introduced a digital video network called Forbes8, which streams documentaries about young entrepreneurs overcoming obstacles to build businesses.
The Forbes Website and Digital News
A journalist named David Churbuck started the Forbes website in 1996. It was one of the earliest mainstream news outlets to explore modern internet journalism. The website quickly became famous for its original reporting. In 1998, it uncovered a serious case of journalistic fraud by writer Stephen Glass at The New Republic. In 2010, when many newspapers were reporting scary stories about Toyota cars speeding out of control, the website proved that a famous incident involving a Prius was fake.
Forbes.com is a very large media network that also includes parts of RealClearPolitics. Millions of readers visit these websites every single month to read about money and markets. In fact, Forbes was recognized for its online design and won a 2020 Webby Award for top business websites.
The Contributor Network
Unlike traditional newspapers that only use full-time staff reporters, the website created a large contributor network. It allowed thousands of freelance writers, professors, and business experts to publish articles directly online. Writers receive compensation based on the traffic their pages get from online readers.
This publishing system has received significant discussion in the journalism world. Critics, such as researchers at Harvard University's Nieman Foundation for Journalism, pointed out that using thousands of outside contributors can make it hard to maintain top quality. When too many articles appear at once, critics sometimes refer to the system as a content farm. Readers must always think critically about who wrote an article and check facts carefully. To protect their online business, the website also created rules regarding ad blocking software, requiring visitors to place the site on a whitelist to read full articles.
See Also
In Spanish: Forbes para niños
- Forbes 30 Under 30
- Forbes 400
- Forbes 500
- Forbes Global 2000
- The World's Billionaires
- Forbes list of the World's 100 Most Powerful Women
- Forbes list of the World's Most Powerful People
- List of centibillionaires
