Forbes parent terminates deal to sell
Forbes CEO Mike Federle sent out the following on Tuesday: Hi everyone — This morning our parent Integrated Whale Media terminated its agreement to sell Forbes to the Austin Russell-led Investor Group, which couldn’t deliver the closing. The cancellation of this sale does not affect our day-to-day operations or business goals. In fact, we are well positioned […]
Forbes buyer Russell seeking to raise money to close deal
Austin Russell, the 28-year-old CEO of electric vehicle company Luminar Technologies, is trying to replace hundreds of millions of dollars for his bid to buy Forbes, reports Sara Fischer of Axios. Fischer reports, “Russell was blindsided by Indian investment firm Sun Group and others who didn’t wire the money they were contractually obligated to send on the […]
CoinDesk sold to company run by former NYSE president
A company run by former New York Stock Exchange president Tom Farley said on Monday that it has acquired crypto-focused media company CoinDesk, reports Vicky Ge Huang of The Wall Street Journal. Huang writes, “Bullish, the crypto exchange run by Farley, bought 100% of CoinDesk in an all-cash deal. Financial terms of the deal weren’t disclosed. Digital […]
Crypto news site The Block sells 80% stake
Crypto media company The Block sold a majority stake to Singaporean venture capital firm Foresight Ventures in a deal valuing the crypto outlet at $70 million, report Lucinda Shen and Sara Fischer of Axios. Shen and Fischer report, “Former CEO Mike McCaffrey — who held a majority stake in The Block — was ousted last year after it […]
Russian tycoon claims he’s behind Forbes purchase
Russian tycoon Magomed Musaev has claimed he’s the money behind the recent acquisition of Forbes, instead of tech founder Austin Russell, according to five audio recordings and one video recording obtained by The Washington Post in which he discussed the deal. Catherine Belton, Todd C. Frankel and Elizabeth Dwoskin of The Post report, “‘I just bought […]
Bloomberg’s Davis adds media and telecom M&A to beat
Bloomberg News reporter Michelle Davis is adding mergers and telecommunications mergers and acquisitions to her beat. She joined the deals team in April 2021 with a focus on health care. Davis had previously been on the finance team covering JPMorgan. She was first to report on many management changes, strategy shifts and layoffs. She worked in Bloomberg’s […]
Zucker buys Crain stake in Front Office Sports
Former CNN head Jeff Zucker has purchased the Crain Communications minority stake in Front Office Sports for an undisclosed price. A Reuters story states, “The size of the investment was not disclosed. Bloomberg News reported the deal valued FOS at about $40 million. Most recently, it was valued at about $25 million when Crain Communications bought a […]
Bloomberg names Scent its acting head of global deals
Bloomberg senior executive editor Dan Hauck and chief content officer Heather Harris sent out the following: After more than two decades of round-the-clock journalism and hundreds of scoops, our Executive Editor for Deals, Aaron Kirchfeld, is taking about 9 months of leave to study for a master’s degree. While his tireless presence and dedication to […]
THG is acquiring London biz newspaper City AM
THG, the owner of Myprotein and Cult Beauty, has bought free business newspaper City AM from administrators in a pre-packaged deal, reports Charlotte Tobitt of Press Gazette. Tobitt reports, “All 40 editorial and commercial staff at 18-year-old City AM will become part of London-listed THG, which has a market capitalisation of around £1.3bn. “City AM’s co-founder and long-serving […]
Cheddar News is for sale by Altice
Cable company Altice USA is weighing a potential sale of Cheddar News, the news network once billed as “CNBC for millennials,” less than five years after buying the company, report Lauren Hirsch and Ben Mullin of The New York Times. Hirsch and Mullin write, “Altice USA has hired Goldman Sachs to help explore strategic alternatives […]
