Forbes Media has acquired U.K. online business publication The Memo for an undisclosed amount, the group announced today. The acquisition will create the group's first full-fledged editorial team focused on Europe, and is a strategic move to expand its network and coverage across Europe.
"This is a strategic acquisition and part of a multiplatform initiative to grow and better serve our European readers and marketers alike," said Forbes CEO Mike Federle in a statement about the announcement. "The formation of an official editorial team in London is an important element of this strategy.”
In his statement he also welcomed Alex Wood as Forbes' European Editor, who will work alongside The Memo's current employees.
“As a journalist, I’ve had the privilege of covering Europe’s smartest leaders in business - and in 2015 I decided to take the plunge and become an entrepreneur myself," said Alex Wood. "Three years on, I’m excited to join forces with Forbes – one of the world’s most renowned media brands – to form its first full-fledged European editorial team.”
Wood first collaborated with Forbes in 2016 as a judge for Forbes 30 Under 30 Media Category. Forbes' London office will expand, with Managing Director Charles Yardley at the helm.
“Forbes is expanding in Europe at a rapid rate across a number of platforms including editorial, events and franchising,” said Yardley. “In 2017 we celebrated the first CMO Summit Europe and already in 2018, we have announced the first Under 30 Europe Summit, taking place in Amsterdam, and will be launching our CIO Summit franchise in May."
The Memo's older content will be transferred to Forbes' website on a Europe-specific page, and as of March 1, The Memo's website will redirect to Forbes.