News publisher Forbes Global Media Holdings agreed to go public through a merger with blank-check firm Magnum Opus Acquisition as deal activity heats up in the media business. The combined company will have a pro forma equity value of $630 million, according to a Thursday statement.
Forbes’ management team will remain in place after the deal, which is expected to close in late fourth quarter 2021 or early first quarter 2022. The announcement, confirming an earlier report by Bloomberg News, is the latest merger in the increasingly active news-media space.
BuzzFeed Inc. agreed in June to go public through a deal with a special-purpose acquisition company. Separately Thursday, German publisher Axel Springer agreed to buy Washington news site Politico. The Forbes transaction is expected to raise about $600 million of gross proceeds, including $200 million of cash in Magnum Opus’ trust account and $400 million of additional capital through a private placement of ordinary shares, the companies reported.
Forbes announced it will capitalize on its brand and technology to “convert readers into long-term, engaged users of the platform” through memberships, recurring subscriptions, and targeted product offerings.
