Forbes Media plans to go public through SPAC deal at $650 million valuation

Forbes Media is in talks to go public via Magnum Opus Acquisition, a Hong Kong-based special purpose acquisition company. Forbes is set to be valued at more than $650 million (Rp9,37 trillion), as reported by Bloomberg on Tuesday (17 August). 

In May, Forbes reportedly went into talks to be acquired by Michael Moe’s GSV Asset Management. The deal was slated to value Forbes at more than $600 million. 

Both Bill Hankes, a spokesman for Forbes, and representative for Magnum Opus as well as GSV declined to comment.

Back in 2014, Forbes’ majority stake was acquired by Hong Kong-based Integrated Whale Media Investments, led by Tak Cheung “TC” Yam. It was valued at $475 million, while its founding family still retained a minority stake. Widely-known as the publisher who curates the most prestigious lists “30 Under 30” and “50 Over 50”, Forbes reaches more than 140 million people worldwide and produces 32 licensed local editions in 71 countries. 

If the deal is realised, Forbes will be the next media company to go public via a SPAC, after BuzzFeed back in June.