Forbes going public through SPAC Magnum Opus Acquisition

Forbes Global Media Holdings Inc. and special purpose acquisition company Magnum Opus Acquisition Limited (NYSE: OPA) have entered a definitive agreement to combine their businesses. The companies anticipate closing the dealing in Q4 2021 or at the beginning of Q1 2022. This will enable Forbes to leverage its effective digital transformation employing tech and data-driven intuitions to enhance audience engagement and create more recurring revenue.

Current Forbes management to head the combined company

Following the completion of the transaction, Forbes' current management team that has been influential in the company’s digital transformation and latest record operational results, will continue to lead the combined company under the guidance of CEO Mike Federle.

Forbes will employ its own technology platform and analytics to turn users into long-term, committed members of the site, including via memberships and recurrent subscription to paid content and highly customized product offerings, as part of the deal. Federle said:

Combined company to announce new board directors

The combined entity plans to announce its new independent Board of directors soon. Given inclusion and diversity are Forbes' main components, the new Board is expected to show these traits.

In 2014 Integrated Whale Media acquired a majority interest in Forbes, and its executive chairman TC Yam also weighed in the proposed merger. Yam said that it was exciting to see Forbes complete its digital transformation and produce record revenue. Yam commented:

Magnum Opus, CEO and chairman, Jonathan Lin commented: