Launched in 1917, Forbes is best known for its coverage of economic and financial news (Photo: 123RF)
The American economic press group Forbes, known in particular for its ranking of the world’s largest fortunes, will take its first steps on Wall Street through SPAC, which estimates the company’s value at 630 million US dollars.
A Spac, or “Special Purpose Acquisition Company,” is a non-business company whose goal is to raise money by entering a stock exchange, then merging with a target company that wishes to be listed.
Here is the Magnum Opus Acquisition Limited that Forbes will merge with. The group said in a press release that the new entity will be listed on the New York Stock Exchange (NYSE) under the symbol “FRBS”.
The merger, which is supposed to be completed in the last quarter of 2021 or early 2022, will provide Forbes with $600 million in new money, in particular to allow it to develop its tools to promote subscriptions to its paid online platforms.
“Forbes will have the capital needed to accelerate its growth (…) and realize the full potential of this iconic brand,” Forbes President Mike Federell commented in the press release.
Launched in 1917, Forbes is best known for its coverage of economic and financial news, as well as the lives of powerful entrepreneurs, especially in the United States. The group also publishes a real-time ranking of the world’s greatest fortunes on its website.
The brand now reaches “more than 150 million people,” the group estimates, through its press publications, events, and marketing programs. Forbes also determines that all of its digital platforms rank the brand among the 50 most visited websites on the Internet.
Another newspaper group, US news site BuzzFeed, also announced its intention to list on Wall Street at the end of June, through a merger with 890 Fifth Avenue Partners. BuzzFeed hopes to reach a valuation of $1.5 billion.
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