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The original was posted on /r/worldnews by /u/Ouyin2023 on 2023-10-22 06:40:27.
Russian tycoon claims he is behind Forbes purchase, audiotapes show
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.washingtonpost.com/business/2023/10/20/forbes-sale-musaev-russia/
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
When Magomed Musaev, a Kremlin-connected tycoon, gathered friends in New York to celebrate his 60th birthday, he was joined at the head table by top executives from the Forbes Media Group.
According to people who attended the June event, the revelers also included American tech founder Austin Russell, 28, who had recently announced that he was leading an $800 million deal to buy the storied media business.
In a memo circulated to policymakers on Capitol Hill in July and seen by The Post, Treverton cited information showing the deal’s foreign investors, including, he claimed, Khemka’s daughters, would contribute nearly 50 percent of the total $800 million purchase price, while Russell would be investing only a small fraction of that amount.
In a statement to The Post, IWM said: “Having conducted extensive due diligence on the buyer group being led by Austin Russell, we have uncovered no reason for concern with any investors involved in this deal.”
Sun Group, the Indian conglomerate where Khemka serves as vice chairman, had originally been slated as the lead investor in an earlier version of the sale, according to a January financial document seen by The Post.
Ever since the deal was announced in May, Russell has touted the acquisition as returning Forbes from its Hong Kong ownership to the United States, asserting that he would have 82 percent control of the media group’s voting rights, meaning that he would have the final say in major corporate decisions.
The original article contains 2,399 words, the summary contains 243 words. Saved 90%. I’m a bot and I’m open source!