Forbes Media Cancels Sale to Tech CEO After Missed Deadline
- The deal, valued at $800 million, missed a Nov. 1 deadline
- Luminar Technologies CEO unable to secure funds in extension
This article is for subscribers only.
The parent of Forbes magazine and the related website is no longer going forward with a sale to 28-year-old technology magnate Austin Russell.
The seller, Hong Kong-based Integrated Whale Media Investments, terminated the agreement with Russell, who couldn’t close the deal, according to an internal memo from Forbes Chief Executive Officer Mike Federle.