Forbes officially cancels plans to go public

Forbes announced Wednesday that it has officially terminated its merger agreement with a special purpose acquisition company that would enable it to go public, reports Tony Silber of Publishers Daily.

Silber writes, “Indeed, the press release emphasized that Forbes is a highly sought-after brand. It announced record revenue and earnings last year, and that the company has already exceeded the business forecast for 2022 it outlined in its initial investor deck.

“‘Forbes has more than 100 years of equity that is synonymous with success and validation,’ said Forbes CEO Mike Federle, quoted in the release. ‘Our digital transformation has delivered double-digit revenue and EBITDA growth over the past year, which not only significantly outperformed the financial targets provided at the start of the SPAC transaction last year but continues to deliver high quality cashflows and compelling year-over-year and sequential growth since then. Our newer consumer conversion strategy has shown triple digit revenue growth over the past two years.’

“Forbes and Magnum Opus Acquisition had earlier announced plans to pursue a merge through which Forbes would become a publicly traded company on the New York Stock Exchange. Going public, the company’s thinking went, would enable the iconic Forbes to continue its digital transformation, using technology and data-driven insights to engage audiences and strengthen recurring revenue streams.”

Read more here.