Luminar Tech CEO acquires majority stake in Forbes

Austin Russell, CEO of Luminar Technologies, acquires a controlling stake in Forbes Global Media Holdings.

The deal 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.

This stake includes the remaining portion of the company owned by the Forbes family, the statement said.

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Russell will not be involved in the day-to-day operations of the company.

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The capital for the acquisition is independent of this its involvement in Luminar.

Forbes’ Hong Kong-based parent company IWM retains a minority stake in the company and also retains a seat on the board.

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“It is only fitting that through this transaction, a true innovator and visionary, Austin Russell, will become the new steward of the brand,” Forbes CEO Mike Federle said in a statement to Reuters.

Steve Forbes, chairman and editor-in-chief of Forbes Media, remains with the company.

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Forbes flagship magazine reaches five million readers.

The deal was first reported in The Wall Street Journal.

Reuters contributed to this report