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Forbes

Forbes Building on Fifth Avenue in New York City (now owned by New York University)
Editor-in-chief Steve Forbes
First issue 1917
Country United States
Based in New York City
Language English
Website forbes.com

Forbes is an American publishing and media company. Its flagship publication, Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week. The magazine is well-known for its lists, including its lists of the richest Americans (the Forbes 400) and its list of billionaires. The motto of Forbes magazine is "The Capitalist Tool." Its editor-in-chief is Steve Forbes.

Contents

Company history

Forbes headquarters on 5th Avenue in Manhattan (now owned by New York University)

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,[1] founded Forbes magazine in 1917.[2] 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.[1] Drey became vice-president of the B.C. Forbes Publishing Company,[3] 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.[2] During his tenure, 1954-1964, the magazine's circulation nearly doubled.[2] Although credit for increased circulation must also be given to the magazine's increased outspokenness on the part of investors.[2]

When Malcolm Forbes took over, he had a more hands-off approach on operations, but did provide two strategic initiatives that changed Forbes forever. He instituted an in-house editorial staff, instead of the previous heavy reliance on freelancers, and he started the first of the rankings articles for which Forbes became famous.[4]

On Malcolm's death, his eldest son Malcolm Stevenson "Steve" Forbes Jr. (1947–) became President and Chief Executive of Forbes and Editor-in-Chief of Forbes magazine.[5] Between 1961 and 1999 the magazine was edited by James Michaels.[6] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award.[7] In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company.[5][8] 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. According to Mark M. Edmiston of AdMedia Partners, 'It’s probably not worth half of that now.'"[9]

The popularity of Forbes magazine has extended to mainstream and Hip-Hop culture. 50 Cent has released the official remix to his hit single, "I Get Money" off his September 11, 2008 album, Curtis, entitled Forbes 1,2,3 (also known as the "Billion Dollar Remix"). The title of the song comes from the fact that Jay-Z, 50 Cent, and Diddy were listed as Forbes' Top 3 money-making Kings of Hip-Hop, respectively. The unfinished video for Forbes 1,2,3 can be seen as the intro to 50 Cent's single, "I Still Kill" featuring Akon, off his multi-platinum album Curtis.

Other publications

Apart from Forbes and its lifestyle supplement, ForbesLife, other titles are published, including Forbes Asia and eight local language editions. Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes On Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10. In addition, this year the company began publishing ForbesWoman, a quarterly magazine with a companion Web site."[9]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes as of May 14, 2007[10].

The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 14, 2007[11]. Those magazines have since been purchased by the American Heritage Publishing Company, and have resumed publication as of Spring 2008 [12].

Forbes.com

David Churbuck founded Forbes' Web site in 1996. The site uncovered Stephen Glass' journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's apparent popularity. [13] See a list of lists below.

Forbes.com employs the slogan "Home Page For The World's Business Leaders" and sometimes claims to be the world's most widely visited business web site.[14] The current president and chief executive officer is James J. Spanfeller; the current editor is Paul Maidment; the current managing editor is Carl Lavin,[15] who succeeded founding managing editor Michael Noer and Dan Bigman.[16]

According to Forbes.com, the Web site is among the most trusted resources for senior business executives, providing them the real-time reporting, uncompromising commentary, concise analysis, relevant tools and community they need to succeed at work, profit from investing and have fun with the rewards of winning.

Forbes.com also publishes subscription investment newsletters, a luxury-vehicles site, ForbesAutos edited by Matthew De Paula, and a luxury travel site, ForbesTraveler, edited by G. Barry Golson, the former executive editor of Playboy and TV Guide and former editor-in-chief of Yahoo! Internet Life, and an online guide to web sites, Best Of The Web.

Forbes.com is part of Forbes’ Digital, a division of Forbes Media LLC. Forbes.com and affiliated properties include:

Together these sites reach more than 27 million business people each month.

The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering."[9]

ForbesAutos.com and ForbesTraveler.com

Launched in May 2005 by Forbes.com, ForbesAutos.com is a web site designed specifically for luxury car buyers and enthusiasts. The editorial content is written specifically for affluent consumers, with an emphasis on objectivity, comprehensive analysis and intelligent insight.

ForbesTraveler.com is designed for the affluent, discerning traveler. Launched in September 2006 by Forbes.com, ForbesTraveler is dedicated to inspiring, planning and booking the world’s most distinctive travel experiences.

Notable Events

Fidel Castro conflict

In 2005, Forbes listed Fidel Castro among the world's richest people, with an estimated net worth of $550 million USD. In the 2006 article "Fortunes Of Kings, Queens And Dictators", Forbes increased their estimate to $900 million USD.[17] The article notes that estimating net worth for government leaders is "more art than science", and points out that in the case of Castro the authors used a discounted cash flow method for several state-owned companies, and assumed a portion of that profit stream went to Castro.

Sale of Headquarters to New York University

In January 2010, Forbes reached an agreement to sell its headquarter building located on Fifth Avenue in Manhattan to New York University. Terms of the deal were not publicly disclosed, but Forbes will continue to occupy the space under a five year sale-leaseback arrangement.[18]

Lists

Forbes creates many lists under various topics usually based around wealth and/or power.

Rich Lists

  • The World's Billionaires
  • The 400 Richest Americans
  • Australia & New Zealand's 40 Richest
  • China's 400 Richest
  • Taiwan's 40 Richest
  • Hong Kong's 40 Richest
  • India's 100 Richest
  • Japan's 40 Richest
  • Korea's 40 Richest
  • Malaysia's 40 Richest
  • Philippines 40 Richest
  • Singapore's 40 Richest
  • Indonesia's 40 Richest
  • Thailand's 40 Richest

Companies

  • 200 Best Small Companies
  • 400 Best Big Companies
  • America's Largest Private Companies
  • Asia's Best Under A Billion
  • Asia's Fab 50 Companies
  • Global High Performers
  • The Forbes 2000
  • Top Microfinance Institutions

People

Money & Investing

  • The 100 Best Mid-Cap Stocks
  • The 200 Largest U.S. Charities
  • The Best Brokerage Analysts
  • International Investing
  • The Investment Guide
  • Mutual Fund Guide

Places

  • America's Best Colleges
  • Best Business Schools
  • Best Cities for Singles
  • Best Countries For Business
  • Best Places For Business And Careers
  • The Best States For Business
  • Most Expensive ZIP Codes

Sports

  • The Business Of Baseball
  • Most Valuable NASCAR Teams
  • The Business Of Basketball
  • The Business Of Football
  • The Business Of Hockey
  • Most Valuable Soccer Teams
  • Top-Paid Tennis Stars

Technology

Education

  • America's Best Colleges
  • Best Business Schools
  • America's Best College Buys

Notes

  1. ^ a b "Notes of a Business Quizzer: Forbes" (6 July 2007)
  2. ^ a b c d Gorman, Robert F. (ed.) (2007) "September 15, 1917: Forbes Magazine is founded" The Twentieth Century, 1901-1940 (Volume III) Salem Press, Pasadena, California, pp.1374-1376, p. 1375, ISBN 978-1-58765-327-8
  3. ^ Commerce and Industry Association of New York (18 November 1922) "The Association Prepares for New Demands: The Volunteer Workers" Greater New York: Bulletin of the Merchants' Association of New York Commerce and Industry Association of New York, New York, p. 6, OCLC 2447287
  4. ^ Gorman, Robert F. (ed.) (2007) "September 15, 1917: Forbes Magazine is founded" The Twentieth Century, 1901-1940 (Volume III) Salem Press, Pasadena, California, pp.1374-1376, p. 1376, ISBN 978-1-58765-327-8
  5. ^ a b 'Forbes Announce Elevation Partners Investment in Family Held Company' Elevation Partners press release, August 6, 2006.
  6. ^ "James Michaels, Longtime Forbes Editor, Dies at 86 - New York Times". http://www.nytimes.com/2007/10/04/business/04michaels.html. Retrieved 2008-01-05. 
  7. ^ "National Magazine Awards Database". http://www.magazine.org/asme/magazine_awards/searchable_database/index.aspx. Retrieved 2008-01-05. 
  8. ^ "NussbaumOnDesign Bono Buys Into Forbes, Launches Product Red in US and Expands His Brand. - BusinessWeek". http://www.businessweek.com/innovate/NussbaumOnDesign/archives/2006/08/bono_buys_into.html. Retrieved 2008-01-05. 
  9. ^ a b c "Even Forbes is Pinching Pennies" by David Carr, The New York Times, June 14, 2009 (6/15/09 on p. B1 of the NY ed.). Retrieved 6/15/09.
  10. ^ With The May 14 Announced Separation: Twelve-Year-Old "American Legacy"/"Forbes" Partnership Was Mutually Beneficial. Industry & Business Article - Research, News, Information, Contacts, Divisions, Subsidiaries, Business Associations
  11. ^ American Heritage - Magazines - New York Times
  12. ^ AmericanHeritage.com / Thank You for Your Feedback on the American Heritage Winter 2008 Issue
  13. ^ "Jobs: Motley to Leave Time Inc., Plus More Job-Hopping Fun". http://www.gawker.com/news/jobs/motley-to-leave-time-inc-plus-more-jobhopping-fun-162725.php. Retrieved 2008-01-05. 
  14. ^ "At Forbes.com, Lots of Glitter but Maybe Not So Many Visitors - New York Times". http://www.nytimes.com/2006/08/28/technology/28forbes.html?pagewanted=all. Retrieved 2008-01-05. 
  15. ^ "Poynter Online - Forums". http://poynter.org/forum/view_post.asp?id=12876. Retrieved 2008-01-05. 
  16. ^ "Revolt of the Page-Slaves?". http://www.observer.com/2007/revolt-page-slaves. Retrieved 2008-01-05. 
  17. ^ "Fortunes Of Kings, Queens And Dictators - Forbes.com". http://www.forbes.com/2006/05/04/rich-kings-dictators_cz_lk_0504royals.html. Retrieved 2008-01-05. 
  18. ^ Forbes Sells Building to N.Y.U.. New York Timed Media Decoder. Retrieved on 2010-01-07.

Further reading

  • Forbes, Malcolm S. (1974) Fact and Comment Knopf, New York, ISBN 0-394-49187-4; twenty-five years of the editor's columns from Forbes
  • Grunwald, Edgar A. (1988) The Business Press Editor New York University Press, New York, ISBN 0-8147-3016-7
  • Holliday, Karen Kahler (1987)A Content Analysis of Business Week, Forbes and Fortune from 1966-1986 Masters of Journalism thesis from Louisiana State University, Baton Rouge, 69 pages, OCLC 18772376, available on microfilm
  • Kohlmeier, Louis M.; Udell, Jon G. and Anderson, Laird B. (eds.) (1981) Reporting on Business and the Economy Prentice-Hall, Englewood Cliffs, New Jersey, ISBN 0-13-773879-X
  • Kurtz, Howard (2000) The Fortune Tellers: Inside Wall Street’s Game of Money, Media, and Manipulation Free Press, New York, ISBN 0-684-86879-2
  • Tebbel, John William and Zuckerman, Mary Ellen (1991) The Magazine in America, 1741-1990 Oxford University Press, New York, ISBN 0-19-505127-0
  • Parsons, D. W. (1989) The Power of the Financial Press: Journalism and Economic Opinion in Britain and America Rutgers University Press, New Jersey, ISBN 0-8135-1497-5

External links








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