Forbes announces plan to go public via SPAC

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The Forbes Magazine stand is pictured at the 24th St Petersburg International Economic Forum.
Alexander Demianchuk | TASS | Getty Images

Forbes, a long-standing media publication, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company. 

The company, merging with Magnum Opus Acquisition, is expected to be valued at an implied pro forma enterprise value of $630 million, net of tax benefits. The deal is expected to close in the late fourth quarter 2021 or early first quarter 2022.

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 combined company will announce new Board members at a later date, it said.

Forbes said Thursday’s announcement will allow it to “further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.”

SPAC deals have become an increasingly popular route to go public over this past year. Several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media, had held talks about a market debut via a SPAC, CNBC previously reported.

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