Forbes talking about going public at $650 million valuation
Forbes Media LLC is discussing going public through a merger with Magnum Opus Acquisition Ltd., a blank-check firm, according to people with knowledge with the matter, reports Gillian Tan of Bloomberg News.
Tan reports, “Forbes is set to be valued at more than $650 million in a deal with the Hong Kong-based special purpose acquisition company, the people said. A deal with Magnum Opus, if reached, would scuttle Forbes’s earlier talks with a consortium led by Michael Moe’s GSV Asset Management, one of the people said. That transaction, which would have seen the business-news publisher remain private, was slated to value it at more than $600 million, Bloomberg News reported in May.
“Bill Hankes, a spokesman for Forbes, declined to comment. Representatives for Magnum Opus and GSV declined to comment.
“In 2014, Hong Kong-based Integrated Whale Media Investments, led by Tak Cheung ‘TC’ Yam, acquired a majority stake in Forbes in a deal that valued the company at $475 million. Forbes’s founding family retained a minority stake following that transaction, it said at the time.”
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