{"id":123153,"date":"2021-04-29T19:46:04","date_gmt":"2021-04-29T19:46:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123153"},"modified":"2021-04-29T19:46:04","modified_gmt":"2021-04-29T19:46:04","slug":"exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources\/","title":{"rendered":"Exclusive: Forbes pursues SPAC talks amid new takeover interest – sources"},"content":{"rendered":"

NEW YORK (Reuters) – Business news and information publisher Forbes Media LLC is in talks to go public through a merger with a special purpose acquisition company (SPAC) as it attracts new acquisition interest, people familiar with the matter said on Thursday.<\/p>

FILE PHOTO: The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS\/Sergei Karpukhin<\/figcaption>

Forbes\u2019 owner is also fielding offers worth up to $700 million from bidders including a consortium led by tech investor Michael Moe and another offer from investment vehicle Borderless Services Inc, the sources said. Both of these bids would result in Forbes remaining a privately held company.<\/p>\n

A deal could result in Forbes\u2019 ownership changing hands seven years after Hong Kong-based investor group Integrated Whale Media Investments purchased 95% of the company. The remainder of Forbes is owned by the Forbes family.<\/p>\n

A proposed deal with a SPAC would take Forbes public on the U.S. stock market, enabling the existing owners to benefit from any share price increase on their remaining stakes.<\/p>\n

The identity of the SPACs in talks with Forbes was not immediately clear.<\/p>\n

A Forbes spokesman said: \u201cWe have no comment, but investors have consistently shown interest in Forbes, which has produced three years of record results. 2021 is shaping up to be a strong year as well.\u201d<\/p>\n

Integrated Whale Media could not immediately be reached for comment. Moe and Borderless Services declined to comment.<\/p>\n

Moe is founder and CEO of GSV Ventures. Borderless Services is an investment vehicle specializing in blockchain technology and is led by entrepreneur Patrick McConlogue.<\/p>\n

The Borderless Services bid has a debt financing commitment from private equity firm Ares Management Corp, the sources added. Were it to acquire Forbes, Borderless Services would install a new management team and introduce cryptocurrency products such as a Forbes digital wallet, where users could manage digital currencies, some of the sources said.<\/p>\n

Ares Management declined to comment.<\/p>\n

The sources, who requested anonymity because the matter is confidential, cautioned it is still possible no deal for Forbes will materialize or another bidder could emerge.<\/p>\n

Forbes joins other media companies including Bustle Digital Group and BuzzFeed in pursuing a SPAC deal. SPACs are shell companies that raise funds in an initial public offering with the aim of merging with a private company, which becomes public as result. In the past year, they have become a popular alternative to a traditional IPO.<\/p>\n

Forbes was valued at $475 million in 2014 when Integrated Whale Media bought a majority stake in the company from the Forbes family and investment group Elevation. Chinese conglomerate HNA Group made an unsuccessful bid to acquire a majority stake in Forbes in 2017, Reuters reported at the time.<\/p>\n

As one of the oldest media outlets in the United States, Forbes publishes its flagship magazine which reaches 6 million readers. Founded by B.C. Forbes in 1917, it has long championed capitalism and entrepreneurship and is known for its annual list of the world\u2019s wealthiest people.<\/p>\n

The company has been undergoing a digital transformation amid declining print revenue. It has been doubling down on expanding key franchises like Under 30 and live events, most of which have become virtual during the COVID-19 pandemic. It says its digital platform now reaches more than 140 million people with 40 global editions.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (Reuters) – Business news and<\/p>\n","protected":false},"author":3,"featured_media":123152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nExclusive: Forbes pursues SPAC talks amid new takeover interest - sources - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: Forbes pursues SPAC talks amid new takeover interest - sources - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – Business news and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T19:46:04+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/04\/Exclusive-Forbes-pursues-SPAC-talks-amid-new-takeover-interest-sources.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/exclusive-forbes-pursues-spac-talks-amid-new-takeover-interest-sources\/\",\"name\":\"Exclusive: Forbes pursues SPAC talks amid new takeover interest - 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