Sale of Forbes to Tech Magnate Falls Through - News Summed Up

Sale of Forbes to Tech Magnate Falls Through


The upcoming sale of Forbes magazine’s parent company to tech magnate Austin Russell has fallen apart, the company confirmed to The Messenger on Tuesday. The Hong Kong-based Integrated Whale Media Investments, which is a majority owner of Forbes, canceled the agreement because Russell couldn’t close the deal, according to an internal memo circulated by Forbes Chief Executive Officer Mike Federle. Russell had already been granted a two-week extension after he missed a Nov. 1 payment deadline, according to Axios. An investment group led by Russell announced in May that it would buy an 82% stake in Forbes Global Media Holdings for $800 million. But Russell couldn’t raise enough money from his investors and was granted the two-week extension on Oct. 31, according to Axios.


Source: Forbes November 22, 2023 06:00 UTC



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