December 6, 2022


Stock development

Forbes to Become Public Company Through Business Combination With Special Purpose Acquisition Company Magnum Opus

NEW YORK–(Business enterprise WIRE)–Forbes World wide Media Holdings Inc., the iconic enterprise details model that convenes and curates the most influential leaders driving modify, and Magnum Opus Acquisition Confined (NYSE: OPA), a publicly traded specific goal acquisition organization concentrating on worldwide shopper, technology and media sectors, introduced currently that they have entered into a definitive enterprise combination agreement. The transaction is expected to near in late fourth quarter 2021 or early 1st quarter 2022 and will enable Forbes to even more capitalize on its productive electronic transformation, employing technologies and info-pushed insights to produce much more deeply engaged audiences, and involved higher-top quality and recurring revenue streams.

Forbes’ current administration workforce of marketplace veterans, all of whom have been instrumental in Forbes’ digital transformation and current history company outcomes, will continue on to deal with the put together company upon completion of the transaction under the leadership of Main Government Officer Mike Federle.

The Forbes manufacturer these days reaches more than 150 million men and women all over the world by its trusted journalism, signature Dwell occasions, personalized marketing and advertising systems and 45 certified community editions covering 76 nations. Forbes’ model extensions include things like true estate, schooling and economic services license agreements. By means of its electronic platforms, Forbes is among the the prime 50 most frequented web-sites on the online. Amid its aggressive set, Forbes continually ranks as the most eaten small business data manufacturer across really desired audience segments and age demographics, in accordance to info from Comscore. For 104 several years, Forbes’ editorial mission has been consistent: to give people the knowledge, assets, inspiration and connections they want to attain good results. This mission has created a effective hub for business owners and enterprise communities all over the entire world and has played an critical part in connecting people with trustworthy info and perception amidst a speedily evolving market.

The transaction will assist Forbes improve its manufacturer and enterprise values and use its proprietary technologies stack and analytics to transform visitors into prolonged-expression, engaged end users of the system, which include by means of memberships and recurring subscriptions to high quality articles and remarkably qualified item offerings.

The merged company will announce new, unbiased members to its Board of Directors at a later day. Range and inclusion are core elements of Forbes’ tradition, and the Board of Administrators will replicate these values.

“Leveraging our legendary international model, Forbes has been executing a information-led platform technique and is speedy getting the gateway for companies, business owners and shoppers to join the conversations and participate in the tendencies that are shaping the environment currently,” stated Mike Federle, CEO of Forbes. “With this transition into a publicly traded corporation, Forbes will have the capital to speed up development by executing its differentiated content material and system tactic and fully realize the potential of our iconic brand.”

“It has been enjoyable to enjoy the Forbes management workforce efficiently complete a digital transformation considering that we have been concerned, and then produce document once-a-year returns,” mentioned TC Yam, Government Chairman of Built-in Whale Media, which obtained a vast majority stake in Forbes in 2014. “This is a testament to the excellent, seasoned government staff, the constantly trustworthy quality of Forbes journalism and the devotion of the complete Forbes crew. Now, it is time for the upcoming enjoyable chapter in the Forbes narrative, a single in which we are happy to stay associated as a substantial trader and lover with the environment course institutional and strategic buyers at Magnum Opus.”

“The Forbes system is outlined by large-top quality, superior-effect journalism, product or service choices and a faithful consumer base,” explained Jonathan Lin, Chairman and CEO of Magnum Opus. “We are delighted to spouse with the seasoned management crew to guidance initiatives to speed up growth in superior-high-quality and recurring revenue verticals. Forbes has expansive access and is effectively broadening and deepening engagement as a result of facts-knowledgeable articles curation that provides what each and every Forbes person cares most about. The strategy matches perfectly with Magnum Opus’ method to support enterprises leveraging digitalization to craft far more customized consumer encounters, and big info analytics to build a positive responses loop and a number of touchpoints with customers.”

Transaction Overview

The transaction values the combined business at an implied pro forma organization worth of $630 million, internet of tax added benefits. The transaction has been authorized by the boards of administrators of both of those Forbes and Magnum Opus. The transaction is expected to close in late fourth quarter 2021 or early to start with quarter 2022, topic to the gratification of customary closing conditions, including the approval of Magnum Opus’ shareholders.

The transaction is anticipated to increase somewhere around $600 million of gross proceeds consisting of the contribution of about $200 million of dollars held in Magnum Opus’ have confidence in account, assuming no redemptions by the community shareholders of Magnum Opus, and $400 million of supplemental money as a result of a non-public placement of everyday shares of the combined company (“PIPE”) priced at $10.00 for every share from money and accounts managed by major-tier institutional investors.

Assuming no redemptions by the general public shareholders of Magnum Opus, Forbes shareholders will personal close to 22% of the merged corporation at closing. Forbes will be capitalized with up to $145 million in funds.

Additional data about the proposed transaction, like a duplicate of the small business blend settlement and trader presentation, will be provided in a Current Report on Form 8-K to be submitted by Magnum Opus with the Securities and Exchange Commission (“SEC”) and offered at

A presentation and webcast with the administration of Forbes and Magnum Opus with regards to the transaction will be manufactured obtainable on Forbes’ web page at and on Magnum Opus’ site at


Kirkland & Ellis is acting as legal advisor and Credit history Suisse is acting as funds marketplaces advisor to Magnum Opus. Cadwalader, Wickersham & Taft LLP is acting as lawful advisor to Forbes. JonesTrading Institutional Services is acting as placement agent on the PIPE and King & Spalding LLP is acting as legal advisor to JonesTrading.

About Forbes

Forbes champions accomplishment by celebrating those who have made it, and all those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving transform, reworking organization and earning a sizeable impression on the planet. The Forbes brand right now reaches more than 150 million persons all over the world via its trustworthy journalism, signature Live and Forbes Virtual events, custom made marketing and advertising systems and 45 accredited area editions masking 76 countries. Forbes Media’s manufacturer extensions involve actual estate, education and economical solutions license agreements. For a lot more facts, take a look at the Forbes News Hub or Forbes Hook up.

About Magnum Opus

Magnum Opus Acquisition Constrained is a exclusive purpose acquisition firm sponsored by L2 Cash, a personal expense organization. Magnum Opus is a partnership of organization builders and general public and non-public market financial investment specialists with considerable encounter running and investing during the business lifestyle cycle from founding, scaling functions via community listing. Magnum Opus aims to companion with public completely ready enterprises at the forefront of convergence of usage and know-how. Magnum Opus’ mission is to assist organizations to understand their eyesight as they embark on their journey into the community markets and deal with new opportunities, issues and stakeholders.

Cautionary Statement About Forward-Searching Statements

This conversation has ahead-looking statements inside the that means of segment 27A of the Securities Act and area 21E of the Trade Act that are centered on beliefs and assumptions and on info at this time available to Magnum Opus and Forbes. In some instances, you can establish forward-hunting statements by the next phrases: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these terms, or other similar expressions that are predictions or show potential activities or potential customers, although not all forward-seeking statements consist of these words and phrases. Any statements that refer to expectations, projections or other characterizations of foreseeable future events or situation, including strategies or plans as they relate to the proposed transaction, are also ahead-wanting statements. These statements entail threats, uncertainties and other aspects that might induce real success, concentrations of activity, efficiency or achievements to be materially various from people expressed or implied by these forward-on the lookout statements. While each individual of Magnum Opus and Forbes thinks that it has a sensible foundation for just about every ahead-searching assertion contained in this conversation, every single of Magnum Opus and Forbes caution you that these statements are dependent on a blend of specifics and components at the moment regarded and projections of the long run, which are inherently unsure. In addition, there will be risks and uncertainties explained in the proxy assertion relating to the proposed transaction, which is anticipated to be filed by Magnum Opus with the SEC and other documents filed by Forbes or Magnum Opus from time to time with the SEC. These filings could recognize and address other important risks and uncertainties that could induce precise functions and success to vary materially from these expressed or implied in the ahead-hunting statements. Forward-wanting statements in this communication include statements regarding the proposed transaction, which include the timing and framework of the transaction, the proceeds of the transaction and the advantages of the transaction. Neither Magnum Opus nor Forbes can assure you that the forward-looking statements in this conversation will verify to be accurate. These ahead-looking statements are topic to a range of risks and uncertainties, like the skill to entire the business enterprise mixture owing to the failure to get hold of approval from Magnum Opus’s shareholders or satisfy other closing situations in the organization blend arrangement, the prevalence of any event that could give increase to the termination of the company blend arrangement, the skill to understand the anticipated added benefits of the small business mix, the quantity of redemption requests built by Magnum Opus’s public shareholders, expenditures linked to the transaction, the influence of the world wide COVID-19 pandemic, the threat that the transaction disrupts existing ideas and operations as a outcome of the announcement and consummation of the transaction, the end result of any opportunity litigation, government or regulatory proceedings and other risks and uncertainties, together with those to be included less than the heading “Risk Factors” in the proxy assertion to be submitted by Magnum Opus with the SEC and those included under the heading “Risk Factors” in the Magnum Opus’s final prospectus relating to its original general public providing dated March 23, 2021 and other filings with the SEC. In mild of the major uncertainties in these ahead-seeking statements, you really should not regard these statements as a representation or warranty by Magnum Opus, Forbes, their respective administrators, officers or personnel or any other human being that Magnum Opus and Forbes will realize their goals and options in any specified time frame, or at all. The forward-looking statements in this interaction depict the views of Magnum Opus and Forbes as of the day of this interaction. Subsequent events and developments may well lead to people sights to alter. Nonetheless, even though Magnum Opus and Forbes may update these forward-seeking statements in the foreseeable future, there is no recent intention to do so, other than to the extent needed by applicable law. You need to, therefore, not depend on these forward-searching statements as symbolizing the views of Magnum Opus or Forbes as of any date subsequent to the day of this communication.

Vital Information and The place to Come across it

In connection with the proposed transaction, Magnum Opus will file a preliminary proxy statement and a definitive proxy statement with regard to the shareholders assembly of Magnum Opus to vote on the proposed transaction. Shareholders of Magnum Opus and other intrigued folks are inspired to read, when obtainable, the preliminary and definitive proxy statements as very well as other paperwork to be filed with the SEC for the reason that these files will incorporate crucial info about Magnum Opus, Forbes and the proposed transaction. The definitive proxy assertion will be mailed to shareholders of Magnum Opus as of a document date to be established for voting on the proposed transaction. As soon as accessible, shareholders of Magnum Opus will also be in a position to acquire a duplicate of the proxy statements and other files filed with the SEC without the need of demand, by directing a ask for to: Device 1009, ICBC Tower, A few Yard Street, Central, Hong Kong. The preliminary and definitive proxy statements, once available, can also be received, devoid of cost, at the SEC’s website (

Members in the Solicitation

Magnum Opus and Forbes and their respective administrators and government officers may well be viewed as contributors in the solicitation of proxies with regard to the probable transaction described in this interaction less than the regulations of the SEC. Details about the directors and government officers of Magnum Opus and their ownership is established forth in Magnum Opus’s filings with the SEC, which include its closing prospectus relating to its first general public providing dated March 23, 2021. More details relating to the folks who may possibly, under the regulations of the SEC, be deemed members in the solicitation of the Magnum Opus shareholders in relationship with the likely transaction will be established forth in the preliminary and definitive proxy statements when those people are submitted with the SEC. These documents are out there absolutely free of charge at the SEC’s web page at or by directing a ask for to: Unit 1009, ICBC Tower, 3 Backyard Road, Central, Hong Kong.

No Offer or Solicitation

This conversation is not a proxy assertion or solicitation of a proxy, consent or authorization with respect to any securities or in regard of the possible transaction and does not constitute an offer you to market or a solicitation of an present to obtain any securities of Magnum Opus or Forbes, nor shall there be any sale of any these kinds of securities in any state or jurisdiction in which these types of supply, solicitation or sale would be unlawful prior to registration or qualification less than the securities regulations of these state or jurisdiction. No provide of securities shall be built other than by means of a prospectus assembly the requirements of the Securities Act.