Publisher Forbes Global Media goes public. The namesake of the well-known business magazine of the same name merges with Magnum Opus Acquisition, which is listed on Wall Street. Magnum Opus is an exhibition shell without its own activities.
Such a stock exchange shell is also known as a so-called special purpose acquisition company, or ‘spac’. A merger with a spac has recently been a commonly used method in IPOs. The deal is expected to close at the end of this year or early next year.
Forbes magazine is best known for the lists it compiles. For example, the magazine makes lists of the richest people and the most powerful people in the world.
The digital media industry is consolidating as advertisers increasingly spend their budgets on Facebook and Google. For example, earlier on Thursday, the German media company Axel Springer is taking over the American news site Politico.
Last year BuzzFeed bought HuffPost from Verizon Communications. In 2019, Vice Media acquired Refinery29 and Vox Media bought New York Magazine’s parent company, New York Media.