Forbes, the media business known for chronicling the fortunes of the ultra-rich, has abandoned plans to list through a merger with a special purpose acquisition company as investor interest in the market has cooled significantly, according to people familiar with the matter.
The New York-based media company announced it was going public in August last year via a Spac based in Hong Kong and founded by a former portfolio manager at Steve Cohen’s hedge fund Point72 Asset Management.
Magnum Opus Acquisition, backed by the private investment firm L2 Capital, agreed to take Forbes public at a $630mn valuation. It was set to infuse $145mn of fresh cash into the magazine.
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