Automotive Tech Billionaire Austin Russell to Acquire Majority Stake in Forbes

livemint.com:

The CEO of an automotive-technology company said he is buying a majority stake in Forbes Global Media Holdings in a deal that values the business media outlet at nearly $800 million. Austin Russell—the 28-year-old founder of Luminar Technologies, which makes sensors and software used for safety and autonomous-driving features—said he has agreed to buy an 82% stake in Forbes. His purchase includes the remaining portion of the company owned by its namesake family and brings to a close a lengthy sale process.

Mr. Russell joins the list of wealthy startup founders who have acquired news-publishing businesses in the last decade, as the media industry faces disruption from large tech platforms and grapples with the transition from print to online publishing. Forbes’s parent company, Hong Kong-based Integrated Whale Media Investments, will retain a minority stake in the more than 100-year-old publisher, Mr.

Russell said in a statement. The company is profitable, according to people familiar with the matter. “Forbes is something I had always looked up to as a brand and as a media empire," said Mr.

Russell, who was once recognized by Forbes in its “30 Under 30" feature for being a young self-made billionaire. Mr. Russell doesn’t plan to get involved in Forbes’s news coverage, or day-to-day operations, but said he plans to focus on continuing its growth and emphasizing philanthropy within the business.