Bulk of Forbes purchase coming from foreign investors
The majority stake buyout of Forbes announced last week will be funded primarily from foreign investors, as Austin Russell, the 28-year-old American CEO of electric vehicle tech company Luminar Technologies, plans to put in only $10 million, reports Sara Fischer of Axios. Fischer reports, “The relatively small personal financial commitment from Russell supports Axios’ previous reporting that the […]
Forbes deal funding coming from foreign investors
The acquisition of Forbes is being primarily funded by foreign investors, reports Sara Fischer of Axios. Fischer reports, “The deal structure has the effect of obfuscating how much money foreign groups may put in, which could help alleviate any regulatory concerns. Forbes was ready to sell to the group of mostly foreign investors in March. But management […]
Luminar Technologies CEO buys controlling stake in Forbes
Austin Russell, the CEO of electric vehicle technology company Luminar Technologies, has acquired an 82% stake in Forbes, reports Sara Fischer of Axios. Fischer reports, “In a statement, Forbes confirmed that Russell had acquired an 82% majority stake in the firm. “A source said that the transaction valued the company at $800 million, which is what the […]
Heeter to cover activists, M&A for The Information
The Information finance editor Nate Becker sent out the following to the staff: All, I’m ecstatic to announce that Maria Heeter is joining the Finance team to cover activist investors and M&A. Maria is a familiar face in our New York newsroom, having spent the past year breaking news on Stripe’s $7 billion-plus fundraise, Tonal’s sale process, […]
Poets & Quants sold to London company
Poets & Quants, the website covering business education run by business journalist John Byrne, has been sold to Times Higher Education in London for an undisclosed amount. Byrne will remain as CEO and editor in chief for another three years. “This is a match made in heaven,” said Byrne in a statement. “We’ll be joining […]
Youngstown business journal sold to new owners
The Business Journal in Youngstown, Ohio, has been sold to Sapientia Ventures, a local investment group, for an undisclosed amount. A story on its website states, “Former majority owner Andrea Wood, who co-founded the company in 1984, will stay on as president and publisher. Michael Moliterno, chief operating officer, remains a minority shareholder. “‘Readers, advertisers […]
Lead investor in bid to purchase Forbes is dropped
The consortium of investors looking to acquire Forbes has removed Sun Group as lead investor in the bid over concerns with the Indian investor group’s ties to Russia, reports Sara Fischer of Axios. Fischer reports, “Sun Group’s deep connections with Russia have raised concerns about the deal’s ability to clear U.S. regulatory review. Forbes hoped to close the $800 […]
Bloomberg M&A reporter Hammond joining opinion
Ed Hammond, who has been covering mergers and acquisitions for Bloomberg News for more than eight years, is joining the organization’s opinion section. A multiple award-winner in Europe and the United States, Hammond has received awards from bodies including the National Press Club, the Foreign Press Association, and the Society of Editors and Publishers. Hammond […]
Bloomberg seeks a deals reporter
Bloomberg News seeks a collaborative and scoop-hungry reporter to cover the dynamic world of initial public offerings (IPO) in equity capital markets (ECM), including spinoffs, direct listings, capital increases and deals involving special-purpose acquisition companies. Candidates should have a proven ability to develop sourcing and break news. We’re looking for someone who is calm under […]
CoinMarketCap acquisition of CoinDesk now on hold
CoinMarketCap’s acquisition of cryptocurrency news site CoinDesk is on hold, reports Jon Rice of Blockworks. Binance Capital Management is the majority owner of CoinMarketCap Rice reports, “One source told Blockworks last month that initial talks between CoinDesk and Binance broke down, as the exchange anticipated a mass exodus of journalists from the news company if it became […]
