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 logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File PhotoCEO 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 said in a statement on Friday.
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.As part of the deal, which was first reported by Wall street Journal, Forbes' Hong Kong-based parent IWM will retain a minority stake in the company and also keep one board seat. Forbes will also add a new board to the company consisting of American media, tech, and AI experts, the statement added.
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