The CEO of an automotive-technology company said he is buying a majority stake in Forbes Global Media Holdings in a deal that values the business media outlet at nearly $800 million. Austin Russell—the 28-year-old founder of Luminar Technologies, which makes sensors and software used for safety and autonomous-driving features—said he has agreed to buy an 82% stake in Forbes. Forbes’s parent company, Hong Kong-based Integrated Whale Media Investments, will retain a minority stake in the more than 100-year-old publisher, Mr. Russell said in a statement. Mr. Russell said he plans to tap a new board for Forbes consisting of American media, tech, and artificial-intelligence experts. The Forbes family ceded control of the company in 2014, when it sold a majority stake to Integrated Whale Media.

Source: Forbes July 04, 2023 11:27 UTC