The “Succession” plot comes to life as Forbes’ majority stake is acquired by the CEO of Young Technology – Frist

The 100-year-old Forbes brand is now majority-owned by a 28-year-old automotive technology CEO.

Austin Russell, founder of Luminar Technologies, told the Wall Street Journal that he is buying a majority stake in Forbes Global Media Holdings. The deal gives Russell an 82% stake in Forbes, which includes the remaining portion of the company owned by its namesake, and values ​​the media outlet at nearly $800 million.

Luminar Technologies makes sensors and software used for safety and autonomous driving functions. The Forbes acquisition has parallels to the fictional TV show Successionin which a young tech mogul negotiates to take over an older media brand, Waystar Royco.

The portion of Forbes not controlled by Russell will be holdings of Hong Kong-based Integrated Whale Media Investments. Russell said he will not be involved in Forbes’ news coverage or its day-to-day operations. Instead, he plans to focus on continuing growth and emphasizing philanthropy in the business.

“Forbes is something I had always looked up to as a brand and as a media empire,” said Russell, who was once recognized by Forbes in its “30 Under 30” feature for being a young self-made billionaire.

The Forbes media empire has not been controlled by the Forbes family since 2014, when it sold a majority stake to Integrated Whale Media after a public deal fell through.

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