The deal is expected to 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.
The owners of Forbes will own 22% of the new company after the deal. Forbes will have $145 million invested in the company.
Forbes CEO Mike Federle said that the company will have the capital to accelerate growth by executing its differing 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 its brand reaches more than 150 million people worldwide and includes 45 licensed local editions covering 76 countries. Forbes is one of the 50 most visited websites on the internet.
Cramer says that 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 the operating company to the public markets and avoid the lengthy process of a traditional initial public offering.
The total proceeds of 416 SPAC IPOs have been $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.
Check out Boardroom Alpha for ongoing tracking, analytics, and data on SPACs. Boardroom Alpha has a service called SPAC Data and Analytics.