Forves Media in talks to go public, sources say

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Forves Media in talks to go public, sources say

The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic ForumSt. Petersburg International Economic Forum 2017 in St. Petersburg, Russia, June 1, 2017.Sergei Karpukhin is a former Reeditor within the Russian Federation of Sergei Karpukhin, NIL.

Forbes Media LLC was in talks to go public through a merger with a new acquisition company as it attracts special interest, people familiar with the matter said on Thursday.

Forbes owner is also raising offers of up to $700 million from bidders, including a consortium led by technology investor Michael Moe and another offer from the investment vehicle Borderless Services Inc., the sources said.Both these bids would result in Forbes remaining a privately held company.

A deal could result in Forbes becoming owner at the end of seven years after Hong Kong-based investor Integrated Whale Media Investments purchased 95% of the company.Forbes is the remaining 18 properties owned by Forbes.com.

A proposed deal with Forbes would take stock market publicly on the U.S. stock market, allowing the existing owners to benefit from any increase in share price on their remaining stakes.

The identity of the SPACs in the talks with Forbes was not immediately clear.

A Forbes spokesperson said : We have no comment, but investors have consistently shown interest in Forbes, which has produced three years of record results.The year 2021 is shaping up to be a strong year as well.

Whale Media could not be reached immediately for comment.Borderless Services and Moe declined to comment.

Moe is the co-founder and CEO of GSV Ventures.Borderless Services is an investment vehicle specializing in the blockchain technology and is led by the entrepreneur Patrick McConlogue.

The Borderless Services bid has a private equity partnership with Thermental Private Equity, according to the sources.If it would be decided to buy Forbes, Borderless Services would introduce a new management team and introduce cryptocurrency products such as a digital wallet by Forbes, where users could manage the digital currencies, some of the sources said.

As sources who asked anonymity because the matter is confidential, Forbes cautioned it is still possible that no deal will materialize for an another bidder could emerge.

Forbes joins other media companies including Bustle Digital Group and BuzzFeed in pursuing a SPAC deal.SPACs are shell companies that raise funds in an initial public offering with the aim of merging with a public company, which becomes public as a result.In the past year they have become a traditional alternative to a popular IPO.

Forbes was valued in 2014 at $475 million when Integrated Whale Media acquired a majority interest in the company from the Forbes family and the Elevation investment group.According to China-owned Forbes, the HNA Group made an unsuccessful bid to acquire a majority stake in the Chinese conglomerate Reuters at the time.

As one of the oldest media outlets in the USA, Forbes publishes its flagship magazine that receives 6 million readers.Founded by B.C.In 1917, Forbes acknowledged capitalism and entrepreneurship and is known for its annual list of the world's richest people.

The company is undergoing digital transformation amid declining print revenues.It has been doubling down on expansion of key franchises like Under 30 and virtual events, most of which have become hot during the COVID 19 pandemic.It says its global platform reaches more than 140 million people with 40 digital releases.

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