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


Please enter your comment!
Please enter your name here

Latest news

Top Reasons To Get Solar Lights for Your Community

Consider investing in solar lights for your neighborhood. Check out these top reasons to get solar lights for your...

Tips for How To Plan the Perfect Outdoor Getaway

An outdoor vacation is a great way to relax and recharge. However, outdoor vacations require more preparation and planning...

5 Things To Do With Your Travel Souvenirs

Many people collect trinkets to remember their thrilling travels. However, it’s easy to let these items sit around and...

Hidden Gems: Stunning American Canyons To Explore

Canyoners certainly have a pulse on some of the most beautiful places in America. Canyons are a testament to...

5 Things You Can’t Forget Before Going on Vacation

Due to the chaos that ensues before you leave for a vacation, the items you need the most are...

Ways Technology Is Helping theEnvironment

There are many ways technology is helping the environment, from the trailblazing work of drones in sustainable agriculture to the...

Must read

You might also likeRELATED
Recommended to you