The sale of global Forbes fell through after reports of a buyer from Russia

The owner of the global version of Forbes magazine, Integrated Whale Media, announced the cancellation of the sale to a group of investors led by American entrepreneur Austin Russell. The Washington Post (WP) previously reportedthat Magomed Musaev, the owner of the Russian Forbes, actually wanted to buy out the entire media group.

Forbes spokesman Bill Hanks told The Washington Post that the agreement was terminated because the buyer “was unable to secure closing.” He declined further comment. Mr Russell said the contract had been terminated “in the best interests of the parties”. According to the newspaper’s sources, the entrepreneur had been trying to attract funds from American investors all summer, although he had connections with foreign investors.

According to WP, the deal, announced in May, raised questions because of Mr. Russell’s lack of experience in the media industry and because of the deal value, which exceeded the combined sale price of Time, Fortune and The Washington Post.

The WP editors have reviewed several audio and video recordings allegedly involving Mr. Musaev. In them, the Russian businessman, as stated in the newspaper material, called the American businessman the “face” of the deal and asked to keep his participation secret. Magomed Musaev and Austin Russell officially denied this information. The Russian businessman told WP that any suggestion that he controlled the deal was “absolute nonsense” and a “monstrous myth” and that “according to the documents, he was not involved in it.”

Leonid Uvarchev