(Reuters) -Luminar Technologies CEO Austin Russell will buy a majority stake in Forbes Global Media Holdings in a deal that values the business news publisher at nearly $800 million, Russell and Integrated Whale Media Investments (IWM) said in a statement on Friday. The automotive tech billionaire has agreed to acquire 82% of Forbes, which includes the remaining portion of the company owned by the Forbes family, the joint statement to Reuters said. Russell will not be involved in the day-to-day operations of the company, the statement said, adding that capital for the acquisition is independent of his stake in Luminar. Forbes will also add a new board to the company consisting of American media, tech, and AI experts, the statement added. Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, will remain involved in the company, the statement said.

Source: Forbes May 12, 2023 22:48 UTC