Forbes Media LLC has been a hot topic for investors in recent days. Since, they have as their objective the purchase of your company. The 104-year-old media company was first offered to the owners by investor Michael Moe, who would merge it with an unidentified company.
Not much has been revealed about that offer yet. However, not long after, Patrick McConlogue’s firm also made a $ 700 million takeover bid. Likewise, the prospective Forbes buyer provided details on its Blockchain-based media strategy.
Now, it is important to mention that an agreement could result in the ownership of Forbes changing hands. Seven years after Hong Kong-based investment group Integrated Whale Media Investments bought 95% of the company. The rest of Forbes is owned by the Forbes family.
A proposed deal with a SPAC would make Forbes public on the US stock market, allowing current owners to benefit from any share price increases on their remaining holdings.
According to the source, the offer presented by Borderless Services has a debt financing commitment from Ares Management Corp (ARES.N), a private equity firm. Borderless Services is led by Patrick McConlogue, and is an investment vehicle that focuses on blockchain technology.
It is known as a crypto investment company. And if one can believe the statement that McConlogue has made to CoinDesk, then if his offer is accepted, it will be a serious opening by Forbes towards crypto.
Likewise, it was also known that they proposed to establish a new management team and also launch a cryptocurrency project called Forbes wallet.
Will Forbes pay for cryptocurrencies if we read your articles?
By the way, this was also described in the purchase offer to the owners. According to this, he would launch crypto wallets and also introduce tokens to finally bring about the change in the media world that he believes has long been necessary. According to experts, the Borderless Services offering was adequately funded. That is, the media company could be bought from the Forbes owners almost immediately.
Most of the financing would come from a bank loan or stocks. McConlogue also has the great advantage of having extensive experience in traditional finance, so he can also successfully negotiate with former Wall Street bikers to raise bank funds.
“The Forbes asset is not our primary goal. It is the first stop in our acquisition strategy. McConlogue said in an interview. “The media is ready for change, just as the bank is ready for change.” Cryptocurrencies are the way to reshape both, he said. Many companies have shown interest, thanks to three years of record results.
Currently, no one other than McConlogue has commented on this. Therefore, there is even a fairly serious possibility that the media group will not be sold. Its greatest asset is Forbes magazine, which is said to reach 6 million readers, and a website read by 140 million people on the Internet. An independent estimate in 2014 put its value at $ 475 million.