Luminar Technologies CEO Austin Russell and IWM announced Friday that Russell would buy a majority interest in Forbes Global Media Holdings for $800 million.
In a joint statement to Reuters, the automotive tech millionaire bought 82% of Forbes, including the Forbes family’s stake.
The announcement added Russell would not manage the company and that the acquisition money is distinct from his Luminar ownership.
Russell’s agreement financing is questionable.
The Wall Street Journal reported that Forbes’ Hong Kong-based IWM would obtain a minority share and one board seat. In addition, Forbes appointed an American media, IT, and AI board.
Forbes CEO Mike Federle told Reuters, “It is only fitting that now through this transaction, a true innovator and visionary Austin Russell will be the new steward for the brand.”
Chairman and Editor-in-Chief Steve Forbes will continue.
Forbes Magazine reaches 5 million individuals.
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