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Forbes



Forbes is an American publishing and media company. Its flagship publication, ''Forbes'' magazine, is published fortnightly. Its primary competitors in the national business magazine category are ''Fortune'', which is also published fortnightly, 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."

Company history



Forbes headquarters on 5th Avenue in Manhattan
B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the ''Magazine of Wall Street'',[http://bizgyan.blogspot.com/2007/07/forbes.html "Notes of a Business Quizzer: Forbes" (6 July 2007)] founded ''Forbes'' magazine in 1917.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 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. Although credit for increased circulation must also be given to the magazine's increased outspokenness on the part of investors.

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.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

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.[http://www.elevation.com/downloads/News_08-07.pdf 'Forbes Announce Elevation Partners Investment in Family Held Company'] Elevation Partners press release, August 6, 2006. 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. 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 [http://www.admediapartners.com/people/Mark_M_Edmiston.html Mark M. Edmiston] of AdMedia Partners, 'It’s probably not worth half of that now.'"[http://www.nytimes.com/2009/06/15/business/media/15forbes.html?_r=1&ref=business "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.

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."

The company formerly published ''American Legacy'' magazine as a joint venture, although that magazine separated from Forbes as of May 14, 2007[http://goliath.ecnext.com/coms2/gi_0198-404142/With-The-May-14-Announced.html 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].

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[http://www.nytimes.com/2007/05/17/arts/17heri.html American Heritage - Magazines - New York Times]. Those magazines have since been purchased by the American Heritage Publishing Company, and have resumed publication as of Spring 2008 [http://www.americanheritage.com/events/articles/web/20080204-ThankYou.shtml AmericanHeritage.com / Thank You for Your Feedback on the American Heritage Winter 2008 Issue].

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. 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. The current president and chief executive officer is James J. Spanfeller; the current editor is Paul Maidment; the current managing editor is Carl Lavin, who succeeded founding managing editor Michael Noer and Dan Bigman.

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, [http://www.forbesautos.com ForbesAutos] edited by Matthew De Paula, and a luxury travel site, [http://www.ForbesTraveler.com 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:

*Forbes.com ([http://www.forbes.com/ site])
*ForbesTraveler.com ([http://www.forbestraveler.com/ site])
*Investopedia.com ([http://www.Investopedia.com/ site])
*Realclearmarkets.com ([http://www.realclearmarkets.com/ site])
*Realclearsports.com ([http://www.realclearsports.com/ site])
*Realclearpolitics.com ([http://www.realclearpolitics.com/ site])
*Clipmarks.com ([http://www.clipmarks.com/ site])

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."

ForbesAutos.com and ForbesTraveler.com




Launched in May 2005 by Forbes.com, [http://www.forbesautos.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.

[http://ForbesTraveler.com 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.

Lists



''Forbes'' creates many lists under various topics, the most popular being perhaps the list of billionaires.

Companies


* 200 Best Small Companies
* 400 Best Big Companies
* Forbes 500
* Forbes Global 2000, a list of largest companies in the world taking into account market capitalization, revenue, income and assets (this is different basis for ranking than that used by the Fortune Global 500, which is based only on revenues).
* Largest Private Companies

People


In popular culture ''Forbes'' is perhaps best-known for its many periodic lists of net worth. As it often takes considerable detective work to determine the actual wealth of an individual, ''Forbes''' figures are widely cited as nearly-definitive.
*Executive Pay
*Forbes 400, a list of the richest people in the United States
*Midas List, an annual list of the top dealmakers in technology and life sciences
*World's Richest People, a list of the richest people in the world
*China Rich List, a list of the richest people in mainland China
*India Rich List, list of the richest people in India
*Forbes Fictional 15, a self-parodying list of the richest movie, TV and literary characters
*The World's 100 Most Powerful Women
*The Celebrity 100, an annual list of famous and financially influential celebrities (i.e., entertainers, musicians, producers, directors, and athletes)
*The China Celebrity 100
*Top-Earning Dead Celebrities, a list of deceased celebrities that continue their revenue from posthumous material

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. 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.

Castro responded that he has a net worth of less than $1 USD, and challenged any one to prove that he has any money in overseas accounts. Castro also stated that Forbes should place a bucket over their head.

Places


* Best Cities For Singles
* Best Places For Business (e.g. [http://www.forbes.com/lists/2008/6/biz_bizcountries08_Best-Countries-for-Business_Rank.html 2008] list).
* Top Universities [http://www.forbes.com/2009/08/02/best-colleges-ratings-opinions-ranking-2009_land.html]
* Most Expensive Zip Codes
* Most Expensive Rental Markets In The U.S.

Notes





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, [http://www.worldcat.org/oclc/18772376 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


Source: Wikipedia