Luminar CEO's deal to buy Forbes called off - The Information

Luminar Technologies

21/11/2023 17:32

Nov 21 (Reuters) - Forbes' parent company has called off
its acquisition by Luminar Technologies  LAZR.O  CEO Austin
Russell, as the billionaire could not come up with the
financing, the Information reported on Tuesday, citing an
internal memo.
    Earlier this year, the automotive technology executive had
agreed to acquire 82% of Forbes in a deal that values the
business news publisher at nearly $800 million, which includes
the remaining portion of the company owned by the Forbes family.
    Forbes Media CEO Mike Federle told staff that the
cancellation will not affect day-to-day operations and that the
company will continue to "consider other opportunities,"
according to the report.
    Luminar and Forbes did not immediately respond to Reuters'
requests for comment.
    Forbes, one of the oldest media outlets in the United
States, publishes its eponymous flagship magazine which reaches
5 million readers.

 (Reporting by Akash Sriram in Bengaluru; Editing by Maju
Samuel)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))