Automotive tech giant Luminar Technologies Inc LAZR CEO will buy a majority stake in Forbes Global Media Holdings, with the transaction estimating the value of the business-oriented media company at almost $800 million.
What Happened: Austin Russell, the 28-year-old founder of Luminar — which makes safety sensors and autonomous-driving software — revealed that he would purchase an 82% controlling interest in Forbes, reported The Wall Street Journal.
Russell’s purchase includes the remaining portion of the company owned by the Forbes family.
Russell is now joining the ranks of several prosperous startup founders that have acquired news-publishing companies in the last decade. His purchase of Forbes comes at a time when the media industry is contending with challenges from significant technology companies and adapting to the shift from traditional print to digital publishing.
Hong Kong-based Integrated Whale Media Investments, Forbes's parent company, will retain a minority stake in the company, Russell said in a statement. The publisher that’s more than 100 years old remains profitable, people familiar with the matter told the publication.
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"Forbes is something I had always looked up to as a brand and as a media empire," said Russell, who Forbes previously acknowledged in its “30 Under 30” section for being a young self-made billionaire.
Russell said he plans to establish a new board for Forbes, comprising accomplished media, technology and artificial intelligence specialists from the U.S.
Integrated Whale Media will retain a minority stake and one seat on the board, with Steve Forbes continuing his involvement in his roles as chairman and editor-in-chief of Forbes Media.
Photo: Courtesy of Wikimedia Commons
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