From Bloomberg, May 12:
Austin Russell Acquires Majority Stake in Forbes Magazine
Austin Russell, a 28-year-old automotive technology tycoon, acquired an 82% stake in Forbes Global Media Holdings, parent of the well-known business magazine.
The deal values the company at close to $800 million, the parties said in a statement Friday. The seller, Hong Kong-based Integrated Whale Media Investments will retain a minority stake. The Forbes family will not, though Steve Forbes will remain involved.
Russell is the chief executive officer of Luminar Technologies Inc., which provides antonymous driving technology to the automotive industry. The company, which has a $2.1 billion market capitalization, posted sales of $40.7 million last year and isn’t profitable.
Russell plans to serve as a visionary for Forbes brand and won’t be involved in day-to-day operations, according to the statement....
....MORE
Previously (among many):
April 2021
Media: "Forbes considers SPAC, and investor bid for $700 million"
I don't think anyone who follows business media would put a penny into Forbes Magazine.
Under
current editorship it has become something of a garbage property. And
although Steve Forbes is head of the parent Forbes Media, he sure as
heck is not his father.....
