Forbes plans to go public with a $630 million SPAC deal.


Forbes announced on Thursday that it plans to go public through a special-purpose acquisition company, or a deal with SPAC.

The venerable trade publication, owned by Integrated Whale Media and the Forbes family, said in a press release that it has reached a merger agreement with Magnum Opus Acquisition, a public blank check firm.

The deal, which is worth $630 million to the combined company, is expected to be completed by the end of the year or early 2022. If it happens, Forbes will be listed on the New York Stock Exchange with the code FRBS.

Forbes is the latest media company to use the once obscure, but the increasingly popular SPAC maneuver going public rather than an initial public offering that comes with regulatory challenges. BuzzFeed in June said would merge with the publicly traded shell company 890 Fifth Avenue Partners. Group Nine Media, publisher of PopSugar and Thrillist, set up his own SPAC in December for the purpose of public offering.

Known for its wealthy business rank, Forbes said it has an audience of more than 150 million viewers through its journalism, events and marketing programs. Founded as a journal in 1917, the magazine still publishes a print edition eight times a year in the United States. It also has 45 licensed local versions covering 76 countries.

In 2014 Forbes family sold majority share to Integrated Whale Media in the company.

TC Yam, executive chairman of Integrated Whale Media, said on Thursday that the SPAC deal is “the next exciting chapter in the Forbes narrative.”

“Since we got involved, it has been exciting to watch the Forbes management team successfully complete a digital transformation and then deliver record annual returns,” said Mr. Yam.


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