The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017.
REUTERS/Sergei Karpukhin/File Photo Acquire Licensing RightsNov 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, an internal Forbes memo seen by Reuters on Tuesday showed.
Forbes was valued at $475 million in 2014 when Integrated Whale Media bought a majority stake in the company from the Forbes family and investment group Elevation Partners.
Chinese conglomerate HNA Group made an unsuccessful bid to acquire a majority stake in Forbes in 2017, Reuters reported at the time.
Forbes, one of the oldest U.S. media outlets, publishes its eponymous flagship magazine, which reaches 5 million readers.
Persons:
Sergei Karpukhin, Forbes, Austin Russell, Mike Federle, Dawn Chmielewski, Helen Coster, Akash Sriram, Maju Samuel, Richard Chang
Organizations:
Forbes, St ., Economic, REUTERS, Luminar Technologies, Reuters, Forbes Media, The, Integrated Whale Media, Partners, HNA Group, Thomson
Locations:
St, St . Petersburg, Russia, Russell's, U.S, Los Angeles, New York, Bengaluru