Forbes Acquisition Attracts Next-Generation Business Leaders

  • Press release


Name

Forbes Acquisition Attracts Next-Generation Business Leaders

Description

Announcing new Forbes board slate to champion next generation of capitalism and expand the brand. Previously announced acquisition of Forbes by Austin Russell’s family office on schedule to close this fall

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There is no capital or involvement in the acquisition from sanctioned individuals or any Chinese or Russian entities or citizens
The financing for Austin Russell Forbes Holdings' $800 million acquisition of Forbes is now oversubscribed, with over $2 billion in demand
Austin Russell envisions a new model for Forbes, combining economic value creation with global value
Forbes Holdings will have a new board including Austin Russell, Jimmy Donaldson (“Mr. Beast”), Kevin Hart, and Daniella Pierson, with a seat retained by Jeffrey Yam from IWM
The transaction will transition Forbes' ownership and control from Hong Kong back to the U.S
Forbes Holdings plans to finalize investor allocations for closing in the coming weeks
The transaction aims to develop a business venture ecosystem alongside Forbes Media, initially focusing on financial products and services
All investors accepted by Russell's family office are contractually passive in Forbes Holdings
Russell will not be involved in Forbes' day-to-day operations but will influence its strategic direction
The investors are primarily from the American tech, media, finance, and AI industries, including high-profile individuals and their family offices
As a self-made billionaire and philanthropist, Russell founded Luminar at 17, holds over 100 patents, and is recognized for his significant charitable contributions
Investors include Tony Robbins, Henrique Dubugras, Daniella Pierson, Kevin Hart's Hartbeat Ventures, Alexandr Wang, Victor Lazarte, benny blanco, and William Hockey

Date

09

Month
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19

Day
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2023

Year

12

:

00

am

Publisher

Business Wire

Topics

Attempted Forbes takeover by Austin Russell

Web URL

https://www.businesswire.com/news/home/20230919938349/en/Forbes-Acquisition-Attracts-Next-Generation-Business-Leaders

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Attempted Forbes takeover by Austin Russell

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Forbes Holdings plans to finalize investor allocations for closing in the coming weeks

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Claim

The transaction will transition Forbes' ownership and control from Hong Kong back to the U.S

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