The parent of Forbes magazine said it terminated a deal to sell a majority stake to a group led by automotive tech mogul Austin Russell because the deal couldn’t be closed in time, casting a cloud over the future of the business media outlet.
Forbes CEO Michael Federle told staff on Tuesday that the cancellation of the sale wouldn’t affect day-to-day operations. “There has been no shortage of investment interest in our company over the years, and we will continue to consider other opportunities that can help accelerate our growth strategy,” he wrote in a memo to staff.
Forbes, known for its billionaire list and annual feature on up-and-coming business leaders under the age of 30, has been looking for a buyer after it terminated an agreement to go public through a special-purpose acquisition company in June of last year.