독일 Axel Springer, Politico Acquisition... Forbes Listed on New York Stock Exchange

Axel Springer Acquires US Political Media Politico for $1 Billion
Forbes Announces Stock Market Listing via Merger with Hong Kong-Based SPAC

[Asia Economy Reporter Kim Suhwan] The American political media outlet Politico has been acquired by Germany's major media group Axel Springer. The American economic media Forbes announced that it will be listed on the New York Stock Exchange through a merger with a Special Purpose Acquisition Company (SPAC).

On the 26th (local time), the Wall Street Journal (WSJ) reported that Axel Springer decided to acquire Politico, stating, "The acquisition amount is expected to exceed $1 billion (approximately 1.2 trillion KRW)."

Axel Springer also decided to acquire the remaining 50% stake of Politico Europe, a joint venture established with Politico.

Previously, in 2014, Axel Springer and Politico jointly established the Politico Europe branch, each holding a 50% stake.

Axel Springer stated that even after acquiring Politico, the organization and executives of the U.S. headquarters will remain intact.

Politico said, "To meet readers' demands and provide more opportunities for employees, it is necessary to expand the business globally," adding, "Partnering with companies already active in the global market will allow us to achieve these goals more effectively."

Axel Springer, which owns prominent German media outlets such as Bild and Die Welt, is increasing its investments in American media companies. In 2015, it acquired the leading American economic media Business Insider for $500 million.

The company is also reported to have pursued the acquisition of Axios, a 'rival' of Politico.

Meanwhile, the American economic magazine Forbes announced on the same day that it will be listed on the New York Stock Exchange (NYSE) through a merger with a SPAC.

According to the South China Morning Post (SCMP) and CNBC, Forbes agreed to merge with a SPAC called Magnum Opus Acquisition.

This SPAC, based in Hong Kong, is reported to have a 5.8% stake held by the China Investment Corporation (CIC), a sovereign wealth fund responsible for managing China's foreign exchange reserves.

The merger and listing process is expected to be completed by the end of the fourth quarter of this year or early first quarter of next year, and the stock will be traded under the ticker symbol 'FRBS' on the NYSE.

The merged company's valuation was estimated at $630 million (approximately 737.4 billion KRW). This is higher than the $475 million valuation when Forbes was sold to the Hong Kong investment group Integrated Whale Media in 2014.

Forbes expects that listing on the New York Stock Exchange will allow it to further leverage its "successful digital transformation."

Founded in 1917 by B. C. Forbes in Jersey City, Forbes is one of the oldest mass media outlets in the United States and is a business magazine read by 150 million readers worldwide. Its annual ranking of the world's richest people is especially famous.

Meanwhile, SCMP reported that the SPAC listing boom, which began last year, appears to be spreading to the media industry as well.

In June, the prominent American internet media BuzzFeed announced plans to go public through a merger with a SPAC.

This content was produced with the assistance of AI translation services.