automotive technology giant Luminar Technologies inc LAZR The CEO will acquire a majority stake Forbes Global Media HoldingsThe transaction values the business-focused media company at nearly $800 million.
What happened: Austin Russellthe 28-year-old founder of luminar — which produces safety sensors and software for autonomous driving – announced that he would acquire a controlling 82% stake in Forbes, reported The Wall Street Journal.
Russell’s purchase includes the remaining portion of the company owned by the Forbes family.
Russell now joins the ranks of several wealthy startup founders who have acquired news publishing businesses over the past decade. His purchase of Forbes comes at a time when the media industry is grappling with the challenges of major technology companies and adjusting to the shift from traditional print to digital publishing.
Integrated based in Hong Kong whale media investments, Forbes’ parent company, will retain a minority stake in the company, Russell said in a statement. The more than 100-year-old publisher is still profitable, people familiar with the matter told the publication.
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“Forbes is something I’ve always looked up to as a brand and as a media empire,” said Russell, previously recognized by Forbes the section “30 under 30”. for being a young self-made billionaire.
Russell said he plans to set up a new board for Forbes composed of experienced media, technology and artificial intelligence specialists from the United States
Integrated Whale Media retains a minority interest and a seat on the board Steve Forbes He continues his involvement in his roles as Chairman and Editor-in-Chief of Forbes Media.
Photo: decency from Wikimedia Commons
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