Luminar Tech CEO to acquire majority stake in Forbes - WSJ (updated)

Luminar Technologies

12/05/2023 23:35

(Adds details on stake in paragraphs 2, 3 and 5)
       May 12 (Reuters) - Luminar Technologies  LAZR.O  CEO
Austin Russell is buying a majority stake in Forbes Global Media
Holdings in a deal that values the business news publisher at
nearly $800 million, the Wall Street Journal reported on Friday.
    The automotive tech billionaire has agreed to acquire 82% of
Forbes, which includes the remaining portion of the company
owned by the Forbes family and brings to a close a lengthy sale
process, the report added.
    Forbes and Luminar did not immediately respond to Reuters
requests for comment.  
    Forbes' Hong Kong-based parent Integrated Whale Media
Investments will retain a minority stake in the company,
according to the report.
    Forbes, one of the oldest media outlets in the United
States, publishes its eponymous flagship magazine which reaches
5 million readers. 
   



 (Reporting by Chavi Mehta in Bengaluru
Editing by Vinay Dwivedi)
 ((Chavi.Mehta@thomsonreuters.com;))