The deal will allow Forbes to invest further in building consumer-focused products as the company reduces reliance on media revenue, Forbes Chief Executive Mike Federle said in an interview. It reported $163 million in revenue in 2020 and expects it to grow to $193 million this year. The Forbes company was valued at $475 million when Hong Kong-based investor group Integrated Whale Media Investments bought a majority stake in 2014. With the SPAC deal, Forbes joins other media outlets, including BuzzFeed, which agreed to a blank-check merger in June, and Vox Media, which is also reported to be pursuing such a merger. The Forbes deal is expected to bring $600 million in proceeds and includes a private investment in public equity of $400 million.

Source: Forbes May 17, 2024 23:09 UTC