Forbes a media publication organization, announced on Thursday that it is going public on the New York Stock Exchange through a merger with a publicly traded special purpose acquisition company (SPAC).
Forbes is merging with Magnum Opus Acquisition, it is expected to be valued at an enterprise value of $630 million, net of tax benefits. The company will trade on the New York Stock exchange with the ticker symbol FRBS. The management team of the company will be under the leadership of existing CEO Mike Federle.
Forbes said, “The move will further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.”