The 100-year-old Forbes brand is now majority-owned by a 28-year-old CEO of automotive technology.
Austin Russell, founder of Luminar Technologies, told The Wall Street Journal that he is acquiring a controlling interest in Forbes Global Media Holdings. The deal gives Russell an 82% stake in Forbes, including the remaining stake owned by the family of the same name, and values the media company at nearly $800 million.
Luminar Technologies makes sensors and software used for safety and autonomous driving functions. The Forbes acquisition has parallels with the fictional TV show Succession, in which a young tech mogul negotiates the acquisition of an older media brand, Waystar Royco.
The portion of Forbes not controlled by Russell will be shares in Hong Kong-based Integrated Whale Media Investments. Russell said he will not participate in Forbes coverage or day-to-day operations. Instead, he wants to focus on continuing growth and emphasizing philanthropy within the company.
“Forbes is something I’ve always looked up to as a brand and as a media empire,” said Russell, who was once recognized by Forbes as a young self-made billionaire in the “30 Under 30” category.
The Forbes media empire has not been controlled by the Forbes family since 2014, when it sold a majority stake in Integrated Whale Media after a failed IPO.