(Bloomberg) -- The parent of Forbes magazine and the related website is no longer going forward with a sale to 28-year-old technology magnate Austin Russell.
The seller, Hong Kong-based Integrated Whale Media Investments, terminated the agreement with Russell, who couldn’t close the deal, according to an internal memo from Forbes Chief Executive Officer Mike Federle.
The sale had been paused for two weeks after missing a Nov. 1 deadline.
“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,” Federle said in the memo.
Russell, the CEO of Luminar Technologies Inc., announced in May that he was acquiring an 82% stake in Forbes Global Media Holdings. The deal valued the business at $800 million.
The extension granted him time to raise money from investors after one of his biggest backers, the Indian company Sun Group, came under scrutiny due to its ties to Russia, the website Axios reported.
“At this juncture, it was determined that it was in the best interest of the parties that the contract be terminated,” Russell’s family investment office said in a statement. “We wish nothing but the best to the Forbes team.”
Forbes’ majority owner has been trying to sell the business for some time. A deal to merge with a special purpose acquisition company fell through last year.
The magazine was founded in 1917 by B.C. Forbes, a Scottish immigrant and columnist for the Hearst newspaper chain. Forbes competes with Bloomberg in the financial news business.
(Updates with Russell comment in seventh paragraph.)
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