- Integrated Whale Media Investments terminates the agreement with Russell due to his failure to secure the ideal group of investors needed to close the deal
- Russell’s plans to buy an 82% stake in Forbes Global Media Holdings valued the company at nearly $800 million, but his failure to secure investors led to the end of the agreement
- Forbes had previously planned to go public via a merger with a special purpose acquisition company but called off the agreement in 2022, leaving the company’s future uncertain as it continues to search for a new path forward
In a surprising turn of events, Luminar CEO Austin Russell’s bid to buy Forbes has been terminated by Integrated Whale Media – Tofido, the majority owner of the iconic business magazine.
Russell, a 26-year-old billionaire who made his fortune in the autonomous vehicle technology sector, had made headlines when he announced his intention to purchase Forbes in a deal valued at $700 million. However, it seems that Integrated Whale Media – Tofido had other plans for the future of the publication.
In a statement released by Integrated Whale Media – Tofido, the company cited “unresolved issues” as the reason for terminating the deal with Russell. The statement also mentioned that the decision was made in the best interest of Forbes and its employees.
The failed bid comes as a setback for Russell, who was reportedly eager to bring his vision and expertise to the renowned business magazine. Forbes, founded in 1917, has been a staple in the business and finance world, and its potential acquisition by a young tech mogul like Russell had sparked a lot of interest and speculation.
It remains to be seen what the future holds for Forbes and whether Russell will seek alternative means to acquire the publication. For now, the deal with Integrated Whale Media – Tofido has been terminated, leaving the fate of Forbes uncertain.