Forbes is an American publishing and media company. Its flagship publication, the Forbesmagazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Businessweek which recently was sold to Bloomberg. 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 ofForbes magazine is "The Capitalist Tool." Its editor-in-chief is Steve Forbes.B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,founded Forbes magazine in 1917.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.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.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 Mark M. Edmiston of AdMedia Partners, 'It’s probably not worth half of that now.'"