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Republican Senators Tom Cotton and Marco Rubio have raised concerns to Treasury Secretary Janet Yellen about a potential acquisition of the renowned American media brand, Forbes, by companies allegedly linked to the Chinese Communist Party (CCP) and the Kremlin.
On Tuesday, the senators alerted Yellen about Sun Group’s intention to purchase Forbes and urged the Treasury Secretary to immediately review the proposed acquisition to safeguard America’s national security.
They emphasized the potential risk of letting entities, closely connected to the Russian government and the CCP, control such a significant American media platform.
Forbes, they note, holds considerable sway among younger Americans, attracting millions of users monthly.
Cotton and Rubio expressed concerns about the potential misuse of sensitive personal data and the potential manipulation of public opinion during critical election periods.
They underscored the importance of Forbes’ recent stories on CCP’s influence over platforms like TikTok and the ongoing persecution of Uyghurs and other ethnic groups in Xinjiang.
They fear such reporting might be suppressed under new ownership linked to the CCP.
The senators highlighted past unsuccessful attempts by foreign entities to acquire Forbes, particularly referencing an attempt by the CCP via Magnum Opus Acquisition Limited.
This time around, Sun Group, believed to have strong connections to both the Russian government and the CCP, has collaborated with Magomed Musaev, a former Kremlin affiliate, for the acquisition.
Disturbingly, they claim, Sun Group is using young entrepreneur Austin Russell as a facade, suggesting he is the principal buyer.
The senators assert that the actual finances seem to stem from larger foreign interests, with Sun Group’s investment being a significant portion of the capital for Forbes.
The connections between Russell and Suleyman Kerimov, a sanctioned Russian oligarch close to Putin, further raise suspicions.
The senators further raised eyebrows regarding the CCP’s involvement, noting the substantial stake the People’s Republic of China has in assets linked to the Sun Group.
Former National Intelligence Council Chairman, Gregory Treverton, has similarly called on the Committee on Foreign Investment in the United States (CFIUS) to halt the proposed acquisition, emphasizing the security concerns surrounding foreign government-linked entities owning American media.
A representative from Forbes countered these claims, stating that such concerns are based on misconceptions and that Russell is genuinely the primary decision-maker in the deal.
They further extended an invitation to the senators to clarify any misunderstandings.
Notably, Yellen oversees CFIUS, making her instrumental in this decision.
Other lawmakers, including Democrat Rep. Eric Swalwell, have also expressed reservations about the proposal, emphasizing concerns about foreign entities linked to rival nations influencing U.S. media.
The potential acquisition is particularly concerning for many, given the increasing challenges faced by conservative media in an evolving digital landscape.
Such acquisitions could lead to the suppression of critical stories concerning human rights violations and aggressive actions by those regimes.
Requests for comments from Russell, Sun Group, and the Treasury Department were not returned by the time of reporting.
