A tech tycoon will purchase Forbes - media

Austin Russell, a 28-year-old automotive tech billionaire, has agreed to buy a majority stake in Forbes Global Media Holdings from its current owner, Hong Kong-based Integrated Whale Media Investments (IWM). Russell is the CEO of Luminar Technologies, a tech company that provides autonomous driving technology to the auto industry and has a $2.1 billion market capitalization. The deal is evaluated at roughly $800 million and Russell does not plan to take part in Forbes’ news coverage and daily operations, but will focus on boosting its growth and pursuing his philanthropic interests. He also plans to set up a new board for Forbes, which will include technology, media and artificial-intelligence experts.