Austin Russell, CEO of Luminar Technologies, has acquired control of Forbes Global Media Holdings.
According to a joint statement from Russell and Integrated Whale Media Investments, the transaction values the business news publisher at almost $800 million.
A millionaire in the automotive technology industry named Russell has agreed to buy 82% of Forbes.
According to the announcement, this includes the Forbes family’s remaining share in the business.
Russell is stepping away from the company’s day-to-day operations.
The acquisition funds are not tied to his ownership in Luminar in any way.
IWM, Forbes’ parent firm in Hong Kong, will hold a minority share and one board member.
Forbes CEO Mike Federle stated in a statement to 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.”
Forbes Media’s Chairman and Editor-in-Chief Steve Forbes will continue to play an active role in the business.