BusinessForbes media group to list shares, raises $400 million

Forbes media group to list shares, raises $400 million

-

Washington, United States: Forbes, the media group known for its long-running business magazine, said Thursday it would become a publicly traded company after securing $400 million in financing.

Forbes Global Media Holdings Inc. will become a listed company on the New York Stock Exchange under a deal with a special purpose acquisition company (SPAC) called Magnum Opus, sponsored by the private equity firm L2 Capital.

The media group was sold in 2014 to Asia-based investment group Integrated Asset Management Limited, founded by Tak Cheung Yam.

Forbes magazine was launched in 1917 by Scottish immigrant BC Forbes and run by his son Malcolm Forbes before being taken over by Steve Forbes, a one-time presidential candidate. But it had struggled as readers turned to digital news.

According to the company, the Forbes brand today reaches more than 150 million people worldwide through its websites and events, with 45 editions covering 76 countries.

“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,” said Yam.

“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.”

Mike Federle, CEO of Forbes said, “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.”

The transaction values the company at $630 million and is expected to close in late fourth quarter 2021 or early first quarter 2022, a statement from the groups said.

AFP
AFP is a leading global news agency for comprehensive, verified coverage of events shaping the world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Swiss unanimously votes for same-sex union referendum

GENEVA — In Switzerland, a controversial same-sex marriage referendum has been resoundingly approved by voters of the conservative, rich Alpine...

New Covid surge overwhelms hospitals in parts of US

WASHINGTON, D.C. — According to one of the country's top health officials, the spike in coronavirus cases in the...

China wants effeminate male celebs to man up

WASHINGTON — Macho men are in and effeminate male performers are out as Beijing expands its crackdown on China's entertainment...

Billie Eilish, BTS to perform at climate change concert

Billie Eilish, BTS, and Elton John, among others, will donate their star power to Global Citizen Live on Saturday...

Google faces off EU in court over record $5.1 billion antitrust fine

This week, Google will face the European Commission in a five-day court hearing, appealing a record $5.1 billion fine...

WHO’s Covax misses 2021 target. What went wrong?

The latest supply forecast for Covax – the programme for sharing COVID-19 vaccines around the world – suggests that accelerating vaccination...

Must read

You might also likeRELATED
Recommended to you