Forbes accepted a $475 million bid from an International Investors group based in Hong Kong.
A first for the 97-year-old industry spearhead, as the Forbes family has owned the company over its near-century long tenure.
This is the key to a new, refreshed generation of strong media presence for the publication.
The Forbes family is remaining in control at the helm of the company, and management will stay the same as well.
This way, Forbes hopes that the sale will not result in a changed image for the publication and media hub, but rather that it will yield a smooth transition toward a broader-reaching media outlet.
In a recent Digiday interview, chairman and Editor-in-Chief Steve Forbes said that the sale would not change the brand, but rather allow the company more flexibility to evolve and develop its original goals through media.