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The Forbes magazine stand is pictured at the 24th St. Petersburg International Economic Forum.
Alexandre Demianchuk | TASS | Getty Images
Forbes, a longtime media publication, on Thursday announced plans to go public through a merger with a publicly traded special purpose acquisition company.
The company, which is merging with Magnum Opus Acquisition, is expected to be valued at an implied pro forma enterprise value of $ 630 million, net of tax benefits. The deal is expected to be done at the end of the fourth quarter of this year or early in the first quarter of next year.
Forbes will be listed on the New York Stock Exchange under the symbol FRBS. The company’s current management team will remain in place under the leadership of CEO Mike Federle. The combined company will announce the new board members at a later date, Forbes said.
Forbes said the move “would further leverage its successful digital transformation, using technology and data-driven insights to create a more engaged audience and associated high-quality, recurring revenue streams.”
Service agreements have become an increasingly popular route to be made public over the past year. Several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media, had had discussions about a market launch via a SPAC, CNBC previously reported.
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