Who’s Really Buying Forbes? $800 Million Deal Backed by Sun Group, GSV (Report)
thewrap.comreported Saturday that a buyer group that includes Sun Group, GSV and others is backing the bid. Russell, CEO of the automotive tech company Luminar, told the Wall Street Journal Friday he would be purchasing a majority share—82%—of Forbes, valuing the publication at close to $800 million.
However, Axios media reporter and CNN analyst Sara Fischer says there’s more to the story. “This deal is made to look like it’s Austin Russell buying 82% of this asset but it’s not,” Fischer reported on Twitter. “The bid is being financially supported by Sun Group, GSV, and others.
Russell’s bid [is] a cover to make it look like the [company is] being vastly acquired by American money.”Sun Group is an Indian media conglomerate that owns several cable news networks, radio stations, newspapers and magazines.
Sun Group has been in talks to purchase Forbes for months, but a deal was never officially made. Forbes has faced criticism for dealing with Sun Group, as it has had ties to Russia.
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