The publisher of Forbes magazine will go public through a merger with a special purpose acquisition company (SPAC) in a deal that values the combined entity at $630 million U.S.
Forbes, one of the oldest media outlets in the U.S., will merge with Hong Kong-based Magnum Opus Acquisition, a SPAC led by Jonathan Lin, a former executive at Point72.
The deal will allow Forbes to invest further in building consumer-focused products as the company reduces its reliance on media revenue, the company said in a news release.
With print revenue sliding, the business news outlet has been expanding into live events and leveraging its brand and reader base to build consumer products in areas such as education and e-commerce. It reported $163 million U.S. in revenue in 2020 and expects it to grow to $193 million U.S. this year.
Jersey City, New Jersey-based Forbes was founded in 1917 by B.C. Forbes, and his family retains a minority share in the company. The magazine is led by his grandson, Steve Forbes, currently Editor-in-Chief, who made failed runs for the U.S. presidency in 1996 and 2000.
The Forbes company was valued at $475 million U.S. when Hong Kong-based investor group Integrated Whale Media Investments bought a majority stake in 2014.
After the deal closes, Forbes will list on the New York Stock Exchange under the ticker symbol “FRBS.”