According to a San Francisco Chronicle business story July 19, Integrated Whale Media Investments of Singapore and Hong Kong has paid $475 million for a majority share of Forbes Media stock.
Steve Forbes, staying on as chairman and editor in chief, is quoted as saying: "The buyers are entrepreneurs and they understand entrepreneurial capitalism, and they have a vested self-interest in not messing with the editorial."
How refreshing to hear those words. But we wonder how long that will last. So many times we have heard corporate takeover artists promise they would not interfere with editorial or creative, only to find out soon after that they were lying. And inevitably when that happens, product quality, job security, and staff morale go downhill. Just ask anyone who has lived through a merger or acquisition.
JOHN MAYBURY, EDITOR AND PUBLISHER