The American press group specializing in the economy Forbes, known in particular for its ranking of the world's great fortunes, will take its first steps on Wall Street through a SPAC valuing the company at $ 630 million.
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A Spac, or "
Special Purpose Acquisition Company
", is a company without commercial activity whose goal is to raise funds by entering a stock exchange, then to merge with a target company that wishes to be listed.
Here it is the company Magnum Opus Acquisition Limited with which Forbes is going to merge.
The new entity will be listed on the New York Stock Exchange (NYSE) under the symbol "
FRBS
", the group said in a press release.
"
Accelerate your growth
"
The merger, which should be completed in the fourth quarter of 2021 or early 2022, will offer Forbes $ 600 million in new money, to allow it in particular to develop its tools to promote subscriptions to its paid online platforms. "
Forbes will have the capital necessary to accelerate its growth (...) and fully realize the potential of this iconic brand
", commented the boss of Forbes, Mike Federle, quoted in the press release.
Launched in 1917, Forbes magazine rose to fame 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 ranking of the world's great fortunes in real time on its website.
The brand now reaches "
more than 150 million people
", estimates the group, through its journalistic publications, its events and its marketing programs.
Forbes also specifies that all of its digital platforms rank the brand among the 50 most visited sites on the internet.
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Another press group, the American news site BuzzFeed, also announced its intentions to list on Wall Street at the end of June, by merging with 890 Fifth Avenue Partners. BuzzFeed hopes to reach a valuation of $ 1.5 billion.
