Magnus Opus to raise $600 million in SPAC deal

The deal will raise $600 million, including $200 million cash from Magnum Opus and $400 million through a private placement of the company's shares, according to the company's news release.

After the deal, Forbes owners will own 22% of the new company. Forbes will have a capital of $145 million.

Forbes CEO Mike Federle said that Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy with the transition into a publicly traded company.

On the New York Stock Exchange, Forbes will trade under the FRBS symbol.

Forbes says it reaches more than 150 million people worldwide and has 45 licensed local editions covering 76 countries. Forbes is one of the 50 most visited websites on the internet.

Cramer says AMAT is 'Buyable. SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed up the operating company's operations to the public markets and avoid the lengthy process of a traditional initial public offering.

So far, 416 SPAC IPOs have total proceeds of $121.8 billion, according to the SPAC Track. The tech industry has been the most active in the SPAC space, with 228 announced SPAC targets leading to 59 definitive agreements.

The media industry is one of the least active with five definitive agreements reached in 2021.

At last check, the shares of Magnum Opus were up 0.9% to $9.84.

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