Forbes Media Could Soon Go Public Through SPAC Deal

Forbes Media LLC is in talks about a merger with special-purpose acquisition company (SPAC), Magnum Opus Acquisition Ltd., which would lead to the company going public at a value of more than $650 million, sources told Bloomberg on Tuesday (Aug. 17).

Forbes had been in talks with GSV Asset Management about an acquisition that would have kept the business news media company private before Magnus Opus emerged as an option, per the report. Forbes spokesman Bill Hankes declined to comment, as did representatives for Magnum Opus.

Forbes Media was founded in 1917. Today, the magazine reaches more than 140 million people around the world through 32 licensed local editions in 71 countries.

Related: FinTech Startup Aspiration Considers $2B+ SPAC

In related news, green FinTech Aspiration is also in discussions with blank-check company InterPrivate III Financial Partners Inc. about going public through a SPAC deal that would put the firm’s value at more than $2 billion, according to Bloomberg News.

Aspiration has been considering going public for some time, PYMNTS reported in May. It also has a fee-free network of more than 55,000 ATMs, and offers customers who sign up for direct deposits access to their paychecks two days early.

Read Next: Air Taxi Service Joby Goes Public In SPAC Deal

Meanwhile, aerial rideshare company Joby Aviation went public on Wednesday (Aug. 11) as part of a “business combination” with the SPAC Reinvent Technology Partners, a deal that values the company at $4.5 billion.

Founded in 2009, Joby has about 800 employees. In December, the company acquired Uber Elevate, the ridesharing firm’s air taxi division. Uber has invested $125 million in Joby, and former Uber Elevate head Eric Allison became head of product at Joby.

Joby has completed more than 1,000 test flights, and last month logged a record 154-mile flight. It has partnerships with Toyota, JetBlue and the U.S. Air Force.