{"id":8759,"date":"2023-05-15T03:54:12","date_gmt":"2023-05-15T07:54:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/luminar-tech-ceo-russell-to-acquire-majority-stake-in-forbes\/"},"modified":"2023-05-15T03:54:12","modified_gmt":"2023-05-15T07:54:12","slug":"luminar-tech-ceo-russell-to-acquire-majority-stake-in-forbes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8759","title":{"rendered":"Luminar Tech CEO Russell to acquire majority stake in Forbes"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS\/Sergei Karpukhin\/File Photo<\/span>
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(Reuters) -Luminar Technologies CEO Austin Russell will buy a majority stake in Forbes Global Media Holdings in a deal that values the business news publisher at nearly $800 million, Russell and Integrated Whale Media Investments (IWM) said in a statement on Friday. <\/p>\n

The automotive tech billionaire has agreed to acquire 82% of Forbes, which includes the remaining portion of the company owned by the Forbes family, the joint statement to Reuters said. <\/p>\n

Russell will not be involved in the day-to-day operations of the company, the statement said, adding that capital for the acquisition is independent of his stake in Luminar. <\/p>\n

It is not immediately clear how Russell is financing the deal. <\/p>\n

As part of the deal, which was first reported by Wall street Journal, Forbes’ Hong Kong-based parent IWM will retain a minority stake in the company and also keep one board seat. Forbes will also add a new board to the company consisting of American media, tech, and AI experts, the statement added. <\/p>\n

“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 CEO Mike Federle said in a statement to Reuters.<\/p>\n

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, will remain involved in the company, the statement said. <\/p>\n

Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS\/Sergei Karpukhin\/File Photo (Reuters) -Luminar Technologies CEO Austin Russell will buy a majority stake in Forbes Global Media Holdings in a deal that values […]<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-8759","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLuminar Tech CEO Russell to acquire majority stake in Forbes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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