Luminar Tech CEO to acquire majority stake in Forbes
Steve Forbes will remain involved in the flagship magazine that reaches five million readers
Luminar Technologies CEO Austin Russell is buying a majority stake in Forbes Global Media Holdings.
It is a deal that values the business news publisher at nearly $800 million, according to a statement from Russell and Integrated Whale Media Investments.
Russell, an automotive tech billionaire has agreed to acquire 82% of Forbes.
That stake includes the remaining portion of the company owned by the Forbes family, the statement said.
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Austin Russell, chairman and CEO of Luminar Technologies Inc. (Jordan Vonderhaar/Bloomberg via Getty Images / Getty Images)
Russell will not be involved in the day-to-day operations of the company.
The capital for the acquisition is independent of his stake in Luminar.
Forbes' Hong Kong-based parent IWM will retain a minority stake in the company and also keep one board seat.
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The logo of Forbes magazine. (REUTERS/Sergei Karpukhin/File Photo / Reuters Photos)
"It is only fitting that now through this transaction, a true innovator and visionary Austin Russell will be the new steward for the brand", Forbes CEO Mike Federle said in a statement to Reuters.
Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, will remain involved in the company.
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Steve Forbes, Chairman and Editor-in-Chief of Forbes Media (GettyImages / Getty Images)
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Forbes' flagship magazine reaches five million readers.
The deal was first reported by the Wall Street Journal,
Reuters contributed to this report