Forbes officially cancels plans to go public

Forbes announced on Wednesday that it has officially terminated a merger agreement with a special purpose vehicle that will allow it to go public, according to Tony Silber Publishers Daily.

Zilber writes: “Indeed, the press release emphasized that Forbes is a highly sought-after brand. He announced record revenues and earnings last year, and that the company has already exceeded the business forecast for 2022, which it laid out in its initial deck of investors.

«’Forbes has more than 100 years of capital, which is synonymous with success and verification, ”he said Forbes CEO Mike Federle, quoted in the release. “Our digital transformation has given double-digit revenue and EBITDA growth over the past year, not only significantly exceeding the financial targets set at the start of the SPAC transaction last year, but also continuing to provide high quality cash and convincing year after year and consistent growth since then. Our new consumer conversion strategy has shown three-digit revenue growth over the past two years. ”

“Forbes and Magnum Opus Acquisition have previously announced plans to merge, making Forbes a public company on the New York Stock Exchange. Going out in public, the company believed, would make it iconic Forbes continue the digital transformation using technology and data evaluation to engage audiences and enhance steady revenue streams. ”

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