Magazine deal

Forbes plans $630m public listing in SPAC merger

Forbes is seeking new revenue streams

One of the oldest media outlets in the US, Forbes magazine, will go public through a merger of its publisher with a Hong Kong based acquisition vehicle.

The deal with Magnum Opus Acquisition values the combined entity at $630 million and is seen as the latest example of media groups catching the boom of special purpose acquisition companies (SPACs).

Magnum Opus Acquisition is a SPAC led by Jonathan Lin, a former executive at billionaire Steven Cohen’s Point72, reports the Reuters news bureau.

The merger will allow the business news outlet to invest further in building consumer-focused products as the company reduces reliance on media revenue, Forbes chief executive Mike Federle said in an interview following the announcement.

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