
Peter Zeihan: Why Do the Democrats Keep Losing Ground?
The future of the Democratic Party in the US isn’t looking too bright. When strategy and targeting don’t change for over half a century, I…
Thought Leader: Peter Zeihan
Austin Russell, the 28-year-old entrepreneur who says he has struck a deal to buy 82% of Forbes, is working to pull more American dollars into his takeover bid ahead of a Nov. 1 deadline to close the deal, sources familiar with the deal told Axios.
Why it matters: The deal structure he inherited when he took over the buyout process from Sun Group, an India-based investment group with ties to Russia, included a slew of foreign investors, as well as an all-male list of potential board members.
Details: The current majority owners of Forbes, a Hong Kong-based investment group called Integrated Whale Media, will retain a 10% stake in Forbes valued at roughly $80 million, sources told Axios. (The deal values Forbes at roughly $800 million total.)
Driving the news: In the past two months, the deal has shifted so that Sun Group has a much smaller portion of carried interest on the deal, 8%, than the previous deal, which gave it 35%.
State of play: More Americans have been brought into the bid in recent weeks to represent hundreds of millions of dollars, although it’s unclear where exactly all of the money originates.
Between the lines: Russell, who remains CEO of his own publicly traded firm, Luminar Technologies, inherited the deal structure to buy Forbes from Sun Group a few months ago, after Sun Group was dropped as the lead investor in the bid due to concerns it might be blocked by regulators.
What they’re saying: A spokesperson for Austin Russell said, “The new Forbes board has not been decided, with top tier and diverse media, tech and AI leaders currently being curated to oversee the next generation of Forbes. Only names announced by Austin’s family office will be accurate, which will take place prior to closing.”
What to watch: The complicated structure of the bid continues to evolve as the investment group tries to raise cash and wrangle investors.
Peter Zeihan: Why Do the Democrats Keep Losing Ground?
The future of the Democratic Party in the US isn’t looking too bright. When strategy and targeting don’t change for over half a century, I…
Thought Leader: Peter Zeihan
Peter Goodman: His Start-Up May Not Survive Trump’s Tariffs
A sourdough baker turned entrepreneur in North Carolina has delayed his new product as he contemplates the prospect that higher costs will doom his company.…
Thought Leader: Peter Goodman
Patrick McGee: Is Tim Cook the Right or Risky Choice for Apple?
Deepwater’s Gene Munster and author of ‘Apple in China’ Patrick McGee, join ‘The Exchange’ to discuss whether Apple needs a new CEO and what needs…
Thought Leader: Patrick McGee