The Forbes magazine stand appears at the 24th St. Petersburg International Economic Forum.
Alexander Demianchuk | TASS | Getty Images
Forbes, a long-time multimedia publication, announced Thursday that it plans to go public through a merger with a listed special-purpose acquisition company.
The company, which will merge with Magnum Opus Acquisition, is expected to have an implicit pro forma business value of $ 630 million, net of tax benefits. The deal is expected to be completed by the end of the fourth quarter of this year or the beginning of the first quarter of next year.
Forbes will be listed on the New York Stock Exchange under the symbol FRBS. The company’s existing management team will remain in place under the direction of CEO Mike Federle. The combined company will announce new board members at a later date, Forbes said.
Forbes stated that the measure “will further capitalize on its successful digital transformation, using technology-based and data-driven information to create more engaged audiences and the associated recurring, high-quality revenue streams.”
SPAC offerings have become an increasingly popular route to go public over the last year. Several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media, had held talks about a market debut through a SPAC, CNBC previously reported.
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