One of the oldest financial media companies is in talks to go public via a SPAC merger.
What Happened: Business news company Forbes Media LLC is in talks to go public, according to Reuters. The company is reportedly fielding offers from SPACs and bidders including Borderless Services and a consortium of investors.
The group bid is led by investor Michael Moe, who has an existing SPAC with Class Acceleration Corp (NYSE: CLAS). Reuters says the bid led by Moe would keep Forbes a private company, ruling out using his SPAC. The Borderless Services bid is for a reported $700 million.
Why It’s Important: Forbes is 95% owned by Integrated Whale Media Investments, which purchased the stake seven years ago. The remaining 5% is owned by the Forbes family.
Forbes was valued at $475 million at the time of the 2014 sale.
“Investors have consistently shown interest in Forbes, which has produced three years of record results,” a Forbes spokesman told Reuters.
The Borderless Services bid could be interested with a potential new management team in place and the introduction of cryptocurrency products including a Forbes digital wallet.
Forbes reaches an estimated 140 million people with its digital platform.
Several media companies are considering going public via SPAC including BuzzFeed with 890 Fifth Avenue Partners (NASDAQ: ENFA), Bustle Digital Group and Vice Media.
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