28-year-old billionaire Austin Russell acquires 82% stake in Forbes
San Francisco, May 13 (Ians) Austin Russell, 28-year-old Chairman and CEO of automotive technology company Luminar Technologies, has acquired 82 per cent stake in Forbes Global Media Holdings, that published the Forbes magazine, in a deal that values the media house at nearly $800 million.
According to a report in Wall Street Journal, Russell’s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.
Integrated Whale Media will retain a minority stake, according to the report late on Friday.
Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations, according to the statement.
Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat.
Russell will not be involved in day-to-day operations at Forbes,...
According to a report in Wall Street Journal, Russell’s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014.
Integrated Whale Media will retain a minority stake, according to the report late on Friday.
Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations, according to the statement.
Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat.
Russell will not be involved in day-to-day operations at Forbes,...
- 13.5.2023
- von Agency News Desk
- GlamSham
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