Luminar Technologies CEO Austin Russell is buying a majority stake in Forbes Global Media Holdings.
It is a deal that

values the business news publisher at nearly $800 million, according to a statement from Russell and Integrated Whale Media Investments.

Russell, an automotive tech billionaire has agreed to acquire 82% of Forbes.

That stake includes the remaining portion of the company owned by the Forbes family, the statement said.

Austin Russell, chairman and CEO of Luminar Technologies Inc.

Russell will not be involved in the day-to-day operations of the company.

The capital for the acquisition is independent of his stake in Luminar.

Forbes' Hong Kong-based parent IWM will retain a minority stake in the company and also keep one board seat.

"It is only fitting that now through this transaction, a true innovator and visionary Austin Russell will be the new steward for the brand", Forbes CEO Mike Federle said in a statement to Reuters.

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, will remain involved in the company.

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media

Forbes' flagship magazine reaches five million readers.

The deal was first reported by the Wall Street Journal,