33 C
Mumbai
Sunday, May 19, 2024

Business tycoon Austin Russell buys controlling stake in Forbes; check out the deal

In a significant move, Luminar Technologies’ 28-year-old Chairman and CEO, Austin Russell, has acquired an 82% stake in Forbes Global Media Holdings. The deal, which values the media house at almost $800 million, includes the renowned Forbes magazine.

Russell has acquired the remaining portion of the company that bears its name. The company’s namesake family had sold 95% of the company to Integrated Whale Media Investments, a Hong Kong-based investor group, back in 2014.

As per the report released on Friday, Integrated Whale Media is set to hold on to a minority stake. According to an official statement, Russell has expressed his intention to serve as a visionary for the Forbes brand, while refraining from any involvement in its daily operations.

Forbes is set to establish a fresh board of directors, comprising of distinguished American professionals in the fields of media, technology, and artificial intelligence. Integrated Whale has announced that it will retain one board seat.

Forbes, the renowned publication established in 1917 by BC Forbes, is set to undergo a significant change in leadership. Russell, who has been an integral part of the organisation, will no longer be involved in its day-to-day operations. In a move to revamp the board, Forbes intends to appoint a new team comprising of experts in US media, technology, and artificial intelligence (AI). Luminar Technologies boasts a market capitalisation of $2.1 billion at present.

Over the course of the last ten years, Luminar has developed a sophisticated hardware and software system that has empowered over 50 industry partners, among them the majority of worldwide automotive original equipment manufacturers (OEMs).

Luminar, an automotive technology company, is set to become the first to facilitate advanced safety and autonomous features for consumer and commercial vehicles. Its partners include Volvo Cars, Mercedes-Benz, and Daimler Trucks, as well as tech giants NVIDIA, Intel’s Mobileye, and others.

Luminar has announced that it surpassed its revenue guidance in the first quarter of 2023. The company has also stated that it has a robust balance sheet, which will aid in accelerating business growth and achieving positive cash flow.

The company reported a staggering 112% increase in revenue, amounting to $14.5 million. Luminar, a leading autonomous vehicle sensor and software company, has announced its projection of a minimum of 100% revenue growth by 2023.

Luminar is demonstrating impressive execution, industrialisation, and capitalisation of their business, firing on all cylinders and achieving success. According to Russell, major automakers have been incorporating our technology into their vehicle lineups over the last quarter, demonstrating their confidence in the future of their ADAS and autonomous driving plans in collaboration with Luminar.

Taushif Patel

Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

Taushif Patelhttps://taushifpatel.com
Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

Related Articles

Latest Articles