Sale of Forbes to group led by tech investor collapses

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Sale of Forbes to group led by tech investor collapses

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An $800 million deal to sell Forbes Media Group to a group of investors led by American tech executive Austin Russell, the 28-year-old founder of Luminar, has collapsed after questions were raised about potential Russian or other foreign influence in the acquisition.

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Authors

Catherine Belton

Todd C. Frankel

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Claims from

Senators Tom Cotton and Marco Rubio requested Treasury Secretary Janet L. Yellen to review the Forbes deal, suspecting foreign investor influence

Following the deal announcement, Austin Russell's team continued efforts to raise significant amounts of financing

Integrated Whale Media, the current owner of Forbes, decided to terminate the agreement with the Russell-led group

Tech executive Austin Russell acknowledged the mutual decision to terminate the Forbes sale contract

Austin Russell's bid to acquire Forbes raised questions due to his lack of background in the media industry

The $800 million deal for selling Forbes Media Group to a group led by Austin Russell, the founder of Luminar, was terminated due to the group's failure to close the deal

Magomed Musaev, a Kremlin-linked businessman, was implicated in the Forbes deal, raising concerns about foreign influence

Austin Russell reportedly maintained connections with foreign backers while trying to raise funds from U.S. investors for the Forbes deal

The Committee on Foreign Investment in the United States scrutinized the Forbes sale over potential foreign involvement.

Publish date

11

Month

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21

Day

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2023

Year

12

:

00

am

Publisher

The Washington Post

Topics

Attempted Forbes takeover by Austin Russell

Web URL

https://www.washingtonpost.com/business/2023/11/21/forbes-sale-russell-musaev/

Referenced by

Todd C. Frankel

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Catherine Belton

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Attempted Forbes takeover by Austin Russell

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