(Bloomberg) — Austin Russell, a 28-year-old auto technology magnate, acquired an 82% stake in Forbes Global Media Holdings, the parent company of the well-known business magazine. Most read from BloombergThe deal values ​​the company at nearly $800 million, the parties said in a statement Friday. The seller, Hong Kong-based Integrated Whale Media Investments, will retain a minority stake. Forbes plans to appoint a new board composed of American media, technology and artificial intelligence experts. The magazine was founded in 1917 by BC Forbes, a Scottish immigrant and business columnist for the Hearst newspaper chain.

Source: Forbes May 13, 2023 13:01 UTC