China's HNA Group is in talks to buy a controlling stake in Forbes publisher Integrated Whale Media Investments (IWM).
Hong Kong-based IWM, which owns 95 percent of the iconic business publication, is reportedly seeking a buyer to take a majority share of the company and is said to have held talks with another Chinese media firm.
The deal could be worth up to $400 million, according to a source close to the negotiations.
IWM assumed control of Forbes three years ago after the Forbes family sold their majority stake.
None of the firms involved have commented on the speculation.
HNA has assets worth more than $100 billion and has been actively making acquisitions outside its core business of aviation and logistics.
Last year the group's financial unit HNA Capital paid an undisclosed sum for an 80 percent of Beijing Lianban Caixun Cultural Media, which operates the website of popular financial magazine Caijing.