[Luminar CEO will acquire 82% stake in Forbes but will not participate in day-to-day operations] May 13 / PRNewswire-Asianet /-- Austin Russell, CEO of Luminar, a US lidar supplier, said in a statement on May 12 local time that he would buy 82% of Forbes Global Media Holdings, including the rest of the Forbes family. The deal values Forbes at nearly $800 million. Russell will not participate in the day-to-day operations of the company and the capital acquired will be independent of his stake in Luminar, the statement said. IWM, Forbes' Hong Kong parent company, will retain a minority stake in the company while retaining a seat on the board, the Wall Street Journal reported.