Media company Forbes will not pursue its previous plan to go public through a special purpose acquisition corp (SPAC), The New York Times reported Tuesday, citing two people familiar with the matter.
- The Times attributed the decision to take Forbes public through a merger with Hong Kong-based SPAC Magnum Opus Acquisition, with a valuation of $630 million, to waning interest in the once-popular investment vehicle as several SPACs have failed to perform well recently. The decision could be announced as early as this week, according to the Times.
- In February, Binance announced it would make a $200 million strategic investment in Forbes and Magnum Opus Acquisition to support Forbes' digital growth.
- At the time, Binance CEO Changpeng "CZ" Zhao said, "As Web 3 and blockchain technologies advance and the crypto market comes of age, we know that media is an essential element in promoting consumer understanding and education across the board. We look forward to supporting Forbes' digital initiatives as they evolve into a next-level investment insights platform.
- Binance did not immediately respond to requests for comment when reached by CoinDesk.
- Meanwhile, Axios reported Tuesday that the deal had until the end of business hours Tuesday to file paperwork with the SEC to complete the merger, and that if nothing is filed, any of the parties involved can back out of the deal.