The family behind Forbes magazine has sued the Chinese investors that acquired a majority stake in the US business publisher last year, alleging that they have refused to pay a substantial portion of the promised price.
Integrated Whale Media Investments, the Hong-Kong based vehicle that bought the stake, is accused of breaching its contractual agreement after the deal completed, according to a copy of the complaint seen by the FT in which the financial details were redacted.
People familiar with the situation said the investment was valued at $475m.
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