Forbes Media Cancels Sale to Tech CEO After Missed Deadline (2)

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 ...