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Highlights:
- Binance is expected to make a US$ 200 million investment in the global media company.
- Forbes is going public to capitalize on its digital transformation. The company wants to use technology and data-driven insights to engage its audience.
- On August 26, 2021, Forbes had said that it would merge with Magnum Opus Acquisition Limited (NYSE:OPA), a blank-check company.
Forbes Global Media Holdings Inc. is back in the news after announcing that it has secured a massive investment from the world's biggest cryptocurrency exchange.
Binance is expected to make a US$ 200 million investment in the global media company. It appears that after the investment announcement, potential investors are wondering when is Forbes going public.
On that note, let's find out more about the strategic investment and Forbes' public debut plans.
When is Forbes going public?
It is expected that the strategic investment from Binance will help the 104-year-old business magazine and digital publishing company execute its plan to merge with a special purpose acquisition company (SPAC).
On August 26, 2021, Forbes had said that it would merge with Magnum Opus Acquisition Limited (NYSE:OPA), a blank-check company focusing on technology, media sectors, and global consumer.
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According to the global media company, the business combination between Forbes and Magnum Opus is expected to close in the first quarter of this year.
Upon closing the merger deal, Forbes is expected to get listed on the New York Stock Exchange (NYSE) and trade under the stock symbol FRBS.
Forbes is looking to go public to capitalize on its digital transformation. The company wants to use technology and data-driven insights to engage its audience.
Those interested in getting hold of the FRBS stock could wait for the company to go public in the US equities market.
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Online trading platforms of brokerage companies like Robinhood, Fidelity Investments, and SoFi could be used for purchasing stocks in the US.
Bottom line
It appears that investors have been sceptical of initial public offering (IPO) and SPAC mergers since the beginning of this year. Some companies even delayed their IPO plans as uncertainty over interest rate hikes loomed over the market.
According to reports, Binance is replacing half of the US$ 400 million in the SPAC merger deal commitments. The strategic investment could make Binance one of the top owners of Forbes.
Forbes is one of the leading media companies in the world, and it was founded by the grandfather of Steve Forbes, who is the editor-in-chief and two-time presidential candidate of the United States.
In 2014, the global media company reportedly sold a 95 per cent stake to Whale Media, a Hong Kong-based company.
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