Media outlet Forbes will no longer pursue its previous plan to go public through a special purpose acquisition company (SPAC), the New York Times reported Tuesday, citing two people familiar with the matter.
The Times attributed the decision, which would have taken Forbes public at a $630 million valuation through a merger with Hong Kong-based SPAC Magnum Opus Acquisition, to waning interest in the once-popular investment vehicle as several recent SPACs have not performed well. The decision could be announced as soon as this week, the Times said.
In February, Binance announced it was making a $200 million strategic investment in Forbes and Magnum Opus Acquisition to help fund Forbes’ digital growth in a deal that would make Binance one of the top investors in the media firm.
At the time, Binance CEO Changpeng “CZ” Zhao said that “as Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.
Binance did not immediately respond to requests for comment when reached by CoinDesk.
Meanwhile, Axios reported earlier Tuesday that the deal had until the end of business on Tuesday to file paperwork with the SEC to close its merger, and that if nothing is filed, either party involved can walk from the deal.
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