Austin Russell, a 28-year-old automotive technology tycoon, acquired an 82% stake in Forbes Global Media Holdings, parent of the well-known business magazine.
The deal values the company at around $800 million, the parties said in a statement on Friday. The seller, Hong Kong-based Integrated Whale Media Investments will retain a minority stake. The Forbes family will not, although Steve Forbes will remain involved.
Russell is the chief executive officer of Luminar Technologies Inc., which provides antonymous driving technology to the automotive industry. The company, which has a $2.1 billion market capitalization, posted sales of $40.7 million last year and made no profit.
Russell plans to serve as a visionary for the Forbes brand and will not be involved in day-to-day operations, according to the statement.
Forbes plans to appoint a new board composed of experts in media, technology and artificial intelligence in America. The Integrated Whale will keep a board seat.
The magazine was founded in 1917 by BC Forbes, a Scottish immigrant and business columnist for the Hearst newspaper chain.
Forbes competes with Bloomberg in providing business news.