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Forbes Announces Termination of SPAC Transaction

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NEW YORK, June 01, 2022--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005748/en/

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

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