Luminar Technologies CEO Austin Russell has agreed to purchase an 82% majority stake in Forbes Global Media Holdings, in a deal valued at nearly $800 million, according to a joint statement from Russell and Integrated Whale Media Investments (IWM).
Forbes is a longstanding media company in the United States that has been in operation for a considerable period. It is renowned for publishing its top-rated magazine, which has a readership of up to 5 million individuals.
The deal, which was first reported by the Wall Street Journal, will see Russell acquire the remaining portion of Forbes currently owned by the Forbes family.
The acquisition is significant, as Forbes is a well-known and respected brand in the media industry, and Russell’s involvement signals his ambition to expand his influence beyond the automotive technology sector.
Although he will not be involved in the day-to-day operations of Forbes, his purchase of the majority stake indicates that he will have a significant say in the company’s future direction.
It is unclear how Russell is financing the deal, which raises questions about the sustainability of his investment. However, his success as a tech billionaire suggests that he has access to the necessary capital to complete the acquisition.
The joint statement also revealed that IWM will retain a minority stake in Forbes and retain one board seat, while Forbes will establish a new board consisting of American media, tech, and AI experts.
Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, will remain involved in the company.
The addition of a new board reflects Russell’s vision for Forbes, as he may seek to leverage his expertise in technology to transform the company into a more digital-focused media outlet.
Russell has already proven his ability to innovate in the automotive technology sector, and his involvement in Forbes could help to bring fresh ideas and perspectives to the media industry.
Who is Austin Russell, new owner of Forbes
Austin Russell is a young entrepreneur and billionaire who is the founder and CEO of Luminar Technologies, a leading provider of LiDAR technology for self-driving cars. Here are some facts about Austin Russell and the companies he owns:
Russell founded Luminar in 2012 when he was just 17 years old. The company specializes in developing LiDAR sensors, which use lasers to detect and map the surrounding environment.
Luminar has partnerships with several major automakers, including Volvo and Toyota, and is considered a leader in the self-driving car industry. In May 2021, Russell agreed to purchase an 82% majority stake in Forbes Global Media Holdings for nearly $800 million.
Forbes is a well-known media company that publishes a range of business news and lifestyle content, including its flagship magazine Forbes, which reaches 5 million readers.
Russell has a net worth of over $2.5 billion, according to Forbes. He became a billionaire at the age of 25 after Luminar went public through a SPAC merger in 2020. Russell is a member of the Forbes 30 Under 30 list and has been recognized for his work in the self-driving car industry.
He has also received awards for his innovation and entrepreneurship, including the Thiel Fellowship and the Forbes Under 30 Summit Award for Innovation.
Prior to founding Luminar, Russell worked on several projects related to photonics and LiDAR technology. He dropped out of Stanford University to focus on his startup full-time.
Overall, Austin Russell’s acquisition of Forbes Global Media Holdings represents a significant shift in his career trajectory and could have implications for the future of the media industry.
Russell’s success as a tech innovator suggests that he has the potential to bring new ideas and approaches to the company, and his involvement could pave the way for a more technology-driven future for Forbes.
However, the sustainability of his investment remains to be seen, and it will be interesting to see how he leverages his expertise to transform Forbes in the coming years.
