‘Succession’ Plot Comes Alive, As Forbes Majority Stake Acquired By Young Technology CEO

The 100-year-old Forbes brand is now majority owned by a 28-year-old automotive technology CEO.

Austin Russell, founder of Luminar Technologies, told the Wall Street Journal he is buying a majority stake in Forbes Global Media Holdings. The deal gives Russell an 82% stake in Forbes, which includes the remaining portion of the company owned by its namesake family, and values ​​the media outlets at nearly $800 million.

More from Deadlines

Luminar Technologies makes sensors and software used for safety and autonomous-driving features. The Forbes acquisition has parallels to the fictional TV show successionwherein a young tech mogul is negotiating to take over an older media brand, Waystar Royco.

The portion of Forbes not controlled by Russell will be stakes held by Hong Kong-based Integrated Whale Media Investments. Russell said he won’t be involved in Forbes news coverage or its day-to-day operations. Instead, he plans to focus on continuing its growth and emphasizing philanthropy within the business.

“Forbes is something I have always looked up to as a brand and as a media empire,” said Russell, who was once recognized by Forbes for its “30 Under 30” feature for being a young self-made billionaire.

The Forbes media empire has not been controlled by the Forbes family since 2014, when it sold a majority stake to Integrated Whale Media after a deal to go public fell through.

Best of Deadlines

Sign up for Deadline’s Newsletter. For the latest news, follow us on Facebook, Twitter and Instagram.

Click here to read the full article.

Leave a Reply

Your email address will not be published. Required fields are marked *