Chinese company to buy local tech publisher

Boston-based IDG announced today it's being purchased by China Oceanwide Holdings Group, a banking and financial concern with some media holdings.

The purchase of IDG gives it control of a global tech-publishing and market-research concern founded in 1964 in Newton by Patrick McGovern. His estate had owned the company since his death in 2014.

IDG Capital, China's first technology venture-capital concern, founded by McGovern and one of his executives in China, will hold a minority stake in the company, which will continue to be headquartered here.