OPA - Forbes going public through SPAC Magnum Opus Acquisition
Forbes Global Media Holdings Inc. and special purpose acquisition company Magnum Opus Acquisition Limited ( NYSE: OPA ) have entered a definitive agreement to combine their businesses. The companies anticipate closing the dealing in Q4 2021 or at the beginning of Q1 2022. This will enable Forbes to leverage its effective digital transformation employing tech and data-driven intuitions to enhance audience engagement and create more recurring revenue.
Current Forbes management to head the combined company
Following the completion of the transaction, Forbes’ current management team that has been influential in the company’s digital transformation and latest record operational results, will continue to lead the combined company under the guidance of CEO Mike Federle.
Forbes will employ its own technology platform and analytics to turn users into long-term, committed members of the site, including via memberships and recurrent subscription to paid content and highly customized product offerings, as part of the deal. Federle said:
“Leveraging our iconic global brand, Forbes has been executing a data-led platform strategy and is fast becoming the gateway for businesses, entrepreneurs and consumers to join the conversations and participate in the trends that are shaping the world today. With this transition into a publicly traded company, Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy and fully realize the potential of our iconic brand.”
Combined company to announce new board directors
The combined entity plans to announce its new independent Board of directors soon. Given inclusion and diversity are Forbes’ main components, the new Board is expected to show these traits.
In 2014 Integrated Whale Media acquired a majority interest in Forbes, and its executive chairman TC Yam also weighed in the proposed merger. Yam said that it was exciting to see Forbes complete its digital transformation and produce record revenue. Yam commented:
“Now, it is time for the next exciting chapter in the Forbes narrative, one in which we are happy to remain involved as a significant investor and partner with the world class institutional and strategic investors at Magnum Opus.”
Magnum Opus, CEO and chairman, Jonathan Lin commented:
“We are pleased to partner with the experienced management team to support initiatives to accelerate growth in high-quality and recurring revenue verticals. Forbes has expansive reach and is successfully broadening and deepening engagement through data-informed content curation that delivers what each Forbes user cares most about.”
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