The two Chinese entities had made separate bids but were told by investment banker Goldman Sachs to join hands. The sale of IDG has been cleared by the US Committee on Foreign Investment and should be completed by end of the first quarter this year.
China Oceanwide Holdings Group, founded by chairman Zhiqiang Lu, is active in financial services, real estate, technology, and media among others.
IDG says of itself that it is "the leading global media, market research and venture company that engages the most influential technological vendors and buyers". It has operations in 97 countries.
Apart from PCWorld, IDG owns publications such as CIO, Computerworld, InfoWorld, NetworkWorld, CSO, TechHive and Macworld, and organises events such as CIO round tables and perspectives. Headquartered in Boston, it was founded by the late Pat McGovern in 1964.
In 1980, IDG became the first US publisher to enter the China market with the launch of China Computerworld, a joint venture between firms in the two countries. Today IDG China it has more than 60 joint-venture magazines, newspapers and websites catering to the computer, electronics, telecommunications, fashion and consumer sectors.
After the sale is completed, IDG will continue to have its headquarters in Boston and will be managed by the same team as at the present time. Kirk Campbell will continue as president and chief executive of IDC, while Micheal Friedenberg will stay on as chief executive of IDG Communications. However, a new board will be appointed.