Forbes magazine has agreed to transfer its century old empire to a Hong-Kong based firm on Friday.

A person familiar with the deal told Bloomberg that the transaction was agreed for $475 million.

However, Steve Forbes will remain chairman and editor-in-chief, and Forbes family will retain its ownership stake.

"This is a major milestone for the company and our family, and we're pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company," he said in a statement.

Hong-Kong based investor group, Integrated Whale Media Investments (IWM) was founded by Tak Cheung Yam. The company is primarily engaged in public and private equity investments, with proficiency in telecommunication, finance and technology. Another major investor in IWM is Singapore based IT firm ASUTeK Computer Inc, which manufactures motherboard and other IT based products.

"We are investing in the Forbes brand, history, family involvement and a management team that is successfully transforming the company. Forbes Media is built around a brand that is synonymous with success and a mission that has tremendous respect and global appeal in established and growing markets around the world,'' Yam said in a statement.

"As more market-based economies emerge globally, interest in the information that Forbes provides and the message it delivers resonates with a growing audience," he added.

The deal is expected to go through soon. So far, Deutsche Bank has served as financial advisor, and Cadwalader, Wickersham & Taft LLP has served as legal advisors to Forbes Media. However this might just change with the Hong Kong based company coming into the picture.

Forbes magazine is popular for its annual list of the world's wealthiest people. According to Reuters, last year, Forbes advertising income slipped by 5 percent to about $260 million on a ten percent drop in advertisement pages.