-

Forbes Announces Termination of SPAC Transaction

NEW YORK--(BUSINESS WIRE)--Forbes Global Media Holdings Inc., the iconic business information brand that convenes and curates the most influential leaders driving change, announced today that its shareholders have terminated the Business Combination Agreement with Magnum Opus Acquisition Limited (NYSE: OPA), a special purpose acquisition company.

Forbes announced record revenue and earnings last year, and has already exceeded the business forecast for 2022 it outlined in its initial investor deck.

“The Forbes brand is a sought-after and trusted brand with more than 100 years of equity that is synonymous with success and validation,” said Mike Federle, CEO, Forbes. “Our digital transformation has delivered double-digit revenue and EBITDA growth over the past year, which not only significantly outperformed the financial targets provided at the start of the SPAC transaction last year but continues to deliver high quality cashflows and compelling year-over-year and sequential growth since then. This is a testament to the incredible team we have assembled at Forbes that is delivering across our Media, and Brand Extensions business, as well as our newer consumer conversion strategy that has shown triple digit revenue growth over the past two years.”

About Forbes

Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 47 licensed local editions in 80 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements.

Contacts

Investors:
ICR
Ashley DeSimone
Ashley.DeSimone@icrinc.com
(646) 677-1827

ICR
Brett Milotte
Brett.Milotte@icrinc.com
(332) 242-4344

Press:
Bill Hankes
bhankes@forbes.com
(206) 883-7658

Forbes

NYSE:OPA

Release Versions
Hashtags

Contacts

Investors:
ICR
Ashley DeSimone
Ashley.DeSimone@icrinc.com
(646) 677-1827

ICR
Brett Milotte
Brett.Milotte@icrinc.com
(332) 242-4344

Press:
Bill Hankes
bhankes@forbes.com
(206) 883-7658

More News From Forbes

Forbes’ 2025 Top Creators List Features the World’s Most Influential Social Media Creators That Are Reshaping the Way People Consume Entertainment and Engage with Brands

NEW YORK--(BUSINESS WIRE)--Forbes today unveiled its 2025 Top Creators List, the fourth-annual definitive ranking of the 50-highest earning, most influential social media-savvy stars across TikTok, YouTube, Instagram, Twitter and other social platforms. The world’s leading creators are setting new standards and highlighting the power of social media with a surge in brand collaborations and fan engagement. This year, the 50 Top Creators are showcasing their influence to drive global engagement,...

Forbes 2025 Under 30 Summit To Be Held In Columbus, Ohio Featuring 3-Time Olympic Medalist Suni Lee, Vivek Ramaswamy and More

COLUMBUS, Ohio--(BUSINESS WIRE)--Today, Forbes hosted a special press event to officially announce the 2025 Forbes Under 30 Summit, in partnership with JobsOhio, and to unveil the Forbes 30 Under 30 Local Columbus List. The 2025 Under 30 Summit, taking place in Columbus from September 28-October 1, 2025, will convene the world’s top young leaders, founders and creators for four days of connecting, learning, teaching and building. “We’re bringing it home to the capital of Ohio for the 2025 Forbe...

Forbes Media Appoints Sherry Phillips As Chief Executive Officer

NEW YORK--(BUSINESS WIRE)--Forbes Media today announced the appointment of the company’s Chief Revenue Officer, Sherry Phillips, as Chief Executive Officer, effective January 1, 2025. After seven years as CEO, Mike Federle is stepping down at the end of the year and will continue to serve as a strategic advisor to the Forbes leadership team and Board. Phillips was appointed Chief Revenue Officer in 2022, overseeing all aspects of Forbes’ revenue-driving business including - digital media, brand...
Back to Newsroom