Forbes confirmed on Friday that 28-year-old billionaire Austin Russell had acquired a majority stake in the business media outlet, but the buyer group behind the $800 million deal is more diverse than expected. Axios reported Saturday that a buyer group that includes Sun Group, GSV and others is backing the bid.
The 82% stake in the company includes what until now were the last remaining shares still owned by the Forbes family, bringing a firm end to just over a century of family ownership. Integrated Whale Media, the Hong Kong-based company that until Friday was Forbes’ majority owner, will retain a minority stake. The Forbes family sold their majority stake in the company in 2014.
More to come…
