Austin Russell, a 28-year-old automotive tech billionaire, will buy a majority stake in Forbes Global Media Holdings from its current owner, Hong Kong-based Integrated Whale Media Investments (IWM), the Wall Street Journal and Reuters reported.
Russell is the CEO of Luminar Technologies, a tech company that provides autonomous driving technology to the auto industry and has a $2.1 billion market capitalization, the news outlets said at the weekend.
According to the reports, which cited statements from both Russell and IWM, Russell has agreed to acquire an 82% stake in Forbes, including the remaining shares that belong to the Forbes family. IWM will keep a minority stake. Steve Forbes, chairman and editor-in-chief of the business outlet, reportedly plans to stay on with the company. The deal is evaluated at roughly $800 million.
Add new comment
Read our comment policy before posting your viewpoints