Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat.
A 28-year-old American billionaire has acquired 82 percent stake in media giant Forbes. Austin Russell, who is the Chairman and CEO of automotive technology company Luminar Technologies, took the majority stake in the publishing company.
As per the deal, Forbes Global Media Holdings is valued at nearly $800 million. The company publishes the Forbes magazine, among other publications. 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, according to WSJ. Integrated Whale Media will retain a minority stake, according to the report.
