Austin Russell's Bid to Acquire Forbes Falls Through

Failure to secure necessary investors leads to termination of agreement, leaving Forbes on the market.

Austin Russell, CEO of Luminar Technologies, failed to secure the necessary investors to buy Forbes Global Media Holdings, leading to the termination of the agreement.
Russell's initial plan was to acquire an 82% stake in Forbes, valuing the company at nearly $800 million.
The deal fell apart after Indian investment firm Sun Group and others failed to wire the money they were contractually obligated to.
Forbes Media had planned to go public via a merger with special purpose acquisition company Magnum Opus Acquisition Limited, but called off the agreement in June 2022.
Forbes has been up for sale ever since, with Russell being the latest in a line of tech magnates showing interest in the media business.