2023-11-22 06:35:02 ET
Forbes' parent company is no longer going ahead with a sale to technology tycoon and Luminar Technologies ( NASDAQ: LAZR ) CEO, Austin Russell.
According to an internal memo from Forbes chief executive officer Mike Federle, Hong Kong-based Integrated Whale Media Investments, the seller, called off the agreement with Russell, who could not close the deal before the deadline.
"The cancellation will not affect day-to-day operations and the company will continue to consider other opportunities," read the memo.
In May 2023, Russell had agreed to acquire 82% interest in the entity that controls Forbes in a deal valuing the business magazine at nearly $800M.
The deal was slated to close November 1, but fell apart as Russell was unable to secure funds necessary to complete the transaction.
Forbes sold a majority stake in the company to Integrated Whale Media in 2014. The business was valued at $475M at the time.
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Tech magnate Austin Russell's bid to buy Forbes falls apart