Young billionaire to acquire Forbes for $800m

The Wall Street Journal has reported that billionaire Austin Russel will buy 82 per cent stake in Forbes Global Media Holdings in a deal that values the company at nearly $800 million.

“For over 100 years, Forbes has served as the authority representing success and business news at a global scale, and I’m honored to be selected by the owners as the new steward of the brand,” said Russell.

According to the WSJ, Russell’s stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to the Hong Kong-based investor group Integrated Whale Media back in 2014.

Forbes was essentially on sale from the moment it called off its merger with a special-purpose acquisition company in June of last year, after the market soured and investors lost their appetite for SPACs.

Russell, the 28-year-old founder and CEO of Luminar, a self-driving car tech company, has previously been recognised by Forbes on its cover, Forbes 30 under 30 list, and as the youngest self-made billionaire. Last year he was recognized on the Philanthropy 50 list of the top charitable donors in America.