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Forbes, the wealth-obsessed business publication, has decided to cancel a deal to go public through a special purpose acquisition company, also known as SPAC, amid cooling investors’ appetite for the once popular financial instrument. two people with knowledge of plans.

The cancellation could be announced as early as this week, one of the people said.

the deal, announced in August, would have brought the company on the stock exchange with a valuation of $ 630 million through a merger with Magnum Opus Acquisition, a Hong Kong-based SPAC. In February, Forbes said it had accepted a $ 200 million investment from Binance, a cryptocurrency exchange, as part of the deal.

SPACs, also known as blank check companies, are publicly traded shell companies that raise funds for the express purpose of making a private company public. Investor enthusiasm for blank check companies peaked early last year, but deflated after a number of SPACs failed to deliver on their promises to investors.

Regulators, including Securities and Exchange Commission chairman Gary Gensler, have stepped up scrutiny over SPACs and the shares of many publicly traded companies via blank check firms have plummeted.

Forbes was one of several media companies that he had hoped to touch the SPAC market to help fuel growth. But not everyone went ahead with the agreements and some who did struggled.

Axios first reported that the outlook for the Forbes SPAC deal looked bleak.

Stocks in BuzzFeed, which went public through a SPAC agreement in December, have collapsed by more than 50%. Vice’s efforts to go public through a SPAC stumbled as investors turned to the market and the media company instead sought to raise more money from private investors. There is also a handshake in the media industry over the state of the advertising market, especially after Snap, the owner of Snapchat, said last week that his revenue and his profits would be. lower than expected this quarter.

Some SPACs are still seeking media agreements. Executives at Group Nine Media, a publishing company recently sold to Vox Media, started their own blank check company last year with the goal of consolidating the digital media industry.

Forbes has published positive financial results since agreeing to be made public by Magnum Opus, a sign that the canceled deal could be a reflection of the failing market for SPACs. In February, Forbes said it generated $ 94 million in revenue in the fourth quarter of last year, a 51% increase from the previous year. It made a profit of $ 18 million for the quarter, an 80% increase over the previous year.

Founded as a magazine in 1917, Forbes is known for its rankings of wealthy businessmen. Last year, Forbes said it reached more than 150 million people with its journalism, events and marketing programs. The Forbes family sold a majority stake in the company at Integrated Whale Media Investments in 2014.

Forbes still publishes a print edition eight times a year in the United States and has 45 licensed locales covering 76 countries.