Several media companies, like Bustle Digital Group and Buzzfeed, have jumped in the game before Forbes did. There has been a shift in the digital media industry, causing several changes in media brands’ business operation. Appealing readers to subscribe and advertisers to put ads on the media are two things that media brands try to push more. In this case, SPACs are seen as an easy way to help finance acquisitions for multiple media properties.
In addition to the IPO plan through a SPAC, the owner of Forbes is also fielding offers from bidders. One of them includes investment vehicle Borderless Services Inc. The company, according to a source from Reuters, put $700 million for the bid. The source further noted that Forbes received a bid through a consortium led by tech investor Michael Moe. The two bids will keep Forbes stay as a privately held company.