(Reuters) – Forbes’ parent company has called off its acquisition by Luminar Technologies 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)