(Reuters) -Luminar Technologies CEO Austin Russell is buying a majority stake in Forbes Global Media Holdings in a deal that values the business news publisher at nearly $800 million, the Wall Street Journal reported on Friday.
The automotive tech billionaire has agreed to acquire 82% of Forbes, which includes the remaining portion of the company owned by the Forbes family and brings to a close a lengthy sale process, the report added.
Forbes and Luminar did not immediately respond to Reuters requests for comment.
Forbes’ Hong Kong-based parent Integrated Whale Media Investments will retain a minority stake in the company, according to the report.
Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers.
(Reporting by Chavi Mehta in BengaluruEditing by Vinay Dwivedi)
