Forbes Media LLC announced on Thusday that it had sold a minority stake in the company to a private equity group.

Terms of the deal were not disclosed.

Forbes encompasses Forbes magazine along with Internet and other properties. Elevation Partners, a $1.9 billion media and entertainment buyout firm, purchased a stake in it the new company, making it the first investor in the new venture.

"We think the media universe is expanding and expanding mightily, Steve Forbes the CEO of Forbes told Reuters. We certainly think that you're going to see more and more done on the Web, more expansion on the print side.

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