Following up on our April 29 assessment:
Media: "Forbes considers SPAC, and investor bid for $700 million"
I don't think anyone who follows business media would put a penny into Forbes Magazine.
Under current editorship it has become something of a garbage property. And although Steve Forbes is head of the parent Forbes Media, he sure as heck is not his father.....
From Deadline, August 26:
Forbes Global Media, the business information brand that started with a 104-year-old magazine, is going public by merging with a SPAC — or special purpose acquisition company — in a deal that values the company at $630 million.
The news hits amid a wave of digital media deals including a major one earlier today when German publisher Axel Springer announced it’s buying Politico.
Nextstar Media acquired The Hill last week. Vox Media, owner of The Verge and New York Magazine, is acquiring Punch, an outlet that covers drinks and cocktail culture, and is said to be eying an IPO. So is Vice.
Buzzfeed kicked off the frenzy in late June when it announced a SPAC merger and acquisition of Complex Networks. Group Nine — parent of PopSugar, Thrillist, NowThis, The Dodo and Seeker — has created a SPAC to pursue digital media deals.
Forbes — famous for its array of popular ‘rich lists’ that launched in 1982 with the Forbes Richest 400 — will trade on the New York Stock Exchange under the ticker symbol ‘FRBS’. Its existing management team will continue to oversee operations under CEO Mike Federle.....
....MUCH MORE
