Russell’s purchase includes the remaining portion of the company owned by the Forbes family.
Russell is now joining the ranks of several prosperous startup founders that have acquired news-publishing companies in the last decade. His purchase of Forbes comes at a time when the media industry is contending with challenges from significant technology companies and adapting to the shift from traditional print to digital publishing.
Hong Kong-based Integrated Whale Media Investments, Forbes's parent company, will retain a minority stake in the company, Russell said in a statement. The publisher that’s more than 100 years old remains profitable, people familiar with the matter told the publication.
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"Forbes is something I had always looked up to as a brand and as a media empire," said Russell, who Forbes previously acknowledged in its “30 Under 30” section for being a young self-made billionaire.
Russell said he plans to establish a new board for Forbes, comprising accomplished media, technology and artificial intelligence specialists from the U.S.
Integrated Whale Media will retain a minority stake and one seat on the board, with Steve Forbes continuing his involvement in his roles as chairman and editor-in-chief of Forbes Media.
Photo: Courtesy of Wikimedia Commons
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