The 100-year-old Forbes brand is now majority owned by a 28-year-old automotive technology CEO. Austin Russell, founder of Luminar Technologies, told the Wall Street Journal he is buying a majority stake in Forbes Global Media Holdings. The Forbes acquisition has parallels to the fictional TV show Succession, wherein a young tech mogul is negotiating to take over an older media brand, Waystar Royco. The portion of Forbes not controlled by Russell will be stakes held by Hong Kong-based Integrated Whale Media Investments. The Forbes media empire has not been controlled by the Forbes family since 2014, when it sold a majority stake to Integrated Whale Media after a deal to go public fell through.

Source: Forbes May 13, 2023 04:22 UTC