nvestment firm GSV is working on a bid to buy Forbes Media at a $620 million valuation as an alternative to Forbes’ announced SPAC merger, Axios reports.
Forbes previously announced plans to go public via a SPAC merger that was set to close in Q4 of this year or Q1 2022.
“We are moving full steam ahead with SPAC transaction,” Forbes Media chief communications officer Bill Hankes told Axios. “We remain on schedule to close the transaction in the first quarter.”
The blank check company that Forbes is expected to merge with, Magnum Opus Acquisition, is sponsored by Hong Kong-based investment firm L2 Capital.
BuzzFeed’s public listing last week added to growing skepticism about the SPAC market for media companies. Its shares are down roughly 40% from its opening price, and 94% of investors redeemed their stock following the merger news. Read more.
