American media conglomerate Forbes, best known for its traditional magazine of the same name, went public.
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- The company raises $400 million from investors.
The group made the announcement on Thursday after the company raised $400 million (a good 340 million euros) in capital from investors. The company is valued at $630 million; The IPO is expected to be completed by the end of the fourth quarter of 2021 or early 2022.
So Forbes’ IPO is part of a deal with the shell company Magnum Opus, which is financed by corporation L2 Capital. The company had already been sold in 2014 to an investment group founded by Hong Kong investor Tak Cheung Yam.
The magazine “Forbes”, known for its rich catalogue, was founded in 1917 by Scottish immigrant B.C. Forbes and later run by his son Malcolm Forbes. Eventually, former US presidential candidate Steve Forbes took over the magazine. However, the digitization of the news business created problems for the magazine.
According to Forbes, its website and organization of events reach more than 150 million people in 76 countries around the world. “It’s been exciting to see Forbes executives successfully digitize us since we joined,” Yum said. Now it’s time to “continue the Forbes story.”
With the IPO, Forbes has “sufficient capital to implement the content strategy and design of the platforms,” said Mike Federley, Forbes Managing Director. This makes it possible to fully utilize the potential of the Forbes brand.
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