Chinese investors have agreed to buy International Data Group (IDG) – the 53-year-old tech research giant and publisher – for under $1 billion. The deal will split the company into two parts, China Oceanwide Holdings Group will become the controlling shareholder of IDG’s operating businesses, which includes its subsidiaries — analyst firm IDC and IDG Communications, which runs several publications, including PC World, Computerworld, Network World, MacWorld, InfoWorld, ChannelWorld and CIO.
IDG Capital — an independent venture capital firm in China with limited partners, including IDG — will become the controlling shareholder of IDG Ventures. IDG had been searching for a buyer for more than a year, following the 2014 death of founder and owner Pat McGovern. Since then, the company has been owned by the McGovern Estate for the benefit of the McGovern Foundation.
IDG headquarters will remain in Boston and the company will continue to be managed by its current leadership, including IDC president and CEO Kirk Campbell, and IDG Communications CEO Michael Friedenberg. However, a new board of directors will be chosen after the transaction closes.