FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo(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. 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