It must have seemed to good to be true: A suitor willing to value Forbes magazine at $630 million, even without its flash Greenwich Village digs. And, of course, it was, because that suitor was a special-purpose acquisition company, and like many blank-check companies, the one Forbes agreed to merge with could no longer meet that number, let alone the much higher new number demanded by Forbes’ having “significantly outperformed the financial targets provided at the start of the SPAC transaction last year.”
Well, the private equity firm that owns Forbes must be pretty desperate to be rid of it, because in spite of all of that significant outperformance, it’s willing to countenance parting with the company for the same $630 million. How desperate? This desperate:
In recent weeks, an offering document describing Forbes’s financials compiled by Citigroup has been circulated to media companies, including Yahoo….
Of course, Apollo Global Management was happy to overpay for Yahoo, so perhaps they’ll be happy to let Yahoo overpay for Forbes. That said, they might have a bidding war on their hands: We can think of a couple of people with a serious interest in overhauling the way Forbes does things (well, one thing), including a budding media mogul with some SPAC problems of his own.
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