FORBES TO GO PUBLIC AT $630 MILLION VIA A SPAC MERGER
Forbes has announced its plans to go public via a merger with a publicly traded special purpose acquisition company. The global media company will be merging with Magnum Opus Acquisition and is expected to be valued at $630 million, net of tax benefits. The deal is expected to close late in the fourth quarter of this year or early in next year’s first quarter.
Forbes will trade on the New York Stock Exchange under the ticker symbol FRBS. The company’s existing management team will stay in place under the leadership of CEO Mike Federle. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE events, custom marketing programs, and 45 licensed local editions covering 76 countries.
Forbes said the transaction will help the company maximize its brand and enterprise values and use its proprietary technology stack and analytics to convert readers into long-term, engaged users of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings.
What they are saying
Mike Federle, CEO of Forbes. “Leveraging our iconic global brand, Forbes has been executing a data-led platform strategy and is fast becoming the gateway for businesses, entrepreneurs, and consumers to join the conversations and participate in the trends that are shaping the world today. With this transition into a publicly-traded company, Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy and fully realize the potential of our iconic brand.”
TC Yam, Executive Chairman of Integrated Whale Media, which acquired a majority stake in Forbes in 2014 said, “It has been exciting to watch the Forbes management team successfully complete a digital transformation since we have been involved and then deliver record annual returns,” “This is a testament to the outstanding, seasoned executive team, the consistently trusted quality of Forbes journalism and the dedication of the entire Forbes team. Now, it is time for the next exciting chapter in the Forbes narrative, one in which we are happy to remain involved as a significant investor and partner with the world-class institutional and strategic investors at Magnum Opus.”
Jonathan Lin, Chairman, and CEO of Magnum Opus said, “The Forbes platform is defined by high-quality, high-impact journalism, product offerings, and a loyal user base. We are pleased to partner with the experienced management team to support initiatives to accelerate growth in high-quality and recurring revenue verticals. Forbes has an expansive reach and is successfully broadening and deepening engagement through data-informed content curation that delivers what each Forbes user cares most about. The strategy fits perfectly with Magnum Opus’ strategy to support enterprises leveraging digitalization to craft more tailored user experiences, and big data analytics to create a positive feedback loop and multiple touchpoints with consumers.”