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The New York Times reported Tuesday that Forbes will no longer pursue its earlier intention to go public through a special purpose acquisition company (SPAC), citing two people familiar with the situation.
The decision, which would have taken Forbes public at a $630 million valuation through a merger with Hong Kong-based SPAC Magnum Opus Acquisition, was attributed to waning interest in the once-popular investment vehicle after several recent SPACs failed to perform well, according to the New York Times. According to The New York Times, the decision might be made this week.
Binance said in February that it would make a $200 million strategic investment in Forbes and Magnum Opus Acquisition to assist fund the media company's digital growth, making it one of the top investors in the company.
Changpeng Zhao, the CEO of Binance at the time, ""As Web 3 and blockchain technologies advance and the crypto industry matures, we believe that media is a critical component in fostering widespread consumer understanding and education," Zhao added. As Forbes evolves into a next-generation investing insights platform, we look forward to supporting their digital endeavors."
"We're continuing to explore all viable possibilities," a Binance representative told CoinDesk late Tuesday. "We look forward to working with the executive team at Forbes in the months ahead."
Meanwhile, Axios reported early Tuesday that the deal had until the end of business Tuesday to file paperwork with the Securities and Exchange Commission (SEC) to conclude its merger, and that if no paperwork was filed, any side could walk away.
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