Media SPAC led by former CBS chief begins trading on NASDAQ

Stock Markets37 minutes ago (Sep 22, 2021 09:32AM ET)

(C) Reuters. FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton//File Photo

By Helen Coster

(Reuters) – Argus Capital, a special purpose acquisition company (SPAC) led by former ViacomCBS (NASDAQ:VIAC) and CBS executives targeting media, entertainment and sports investments, is expected to begin trading on the NASDAQ Wednesday, seeking to raise up to $265 million.

It aims to participate in the deal-making frenzy that has defined the media industry this year.

Argus, led by Joseph Ianniello, who ran CBS prior to its merger with Viacom, and Marc DeBevoise, most recently the chief executive officer of ViacomCBS Digital, filed with the SEC in July.

The listing comes at a time when the broader SPAC market has been weighed down by heightened regulatory pressure and saturated demand, with the majority of listed SPACs trading below their initial public offering prices.

In an interview on Tuesday, DeBevoise characterized the company’s acquisition targets as “tech-driven media” with billions of dollars of enterprise value, including spin-offs from conglomerates and other companies.

“From the explosion of devices and connectivity, to streaming becoming mainstream and impacting traditional models…. all of these changes have created a lot of opportunities in our space,” DeBevoise told Reuters.

Special purpose acquisition vehicles, or SPACs, are shell companies that raise funds through an initial public offering to take a private company public through a merger at a later date.

SPACs have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation attained and funds raised.

They have become attractive financial vehicles in the media industry, where scale is often necessary to survive. Among other recent deals, in June BuzzFeed agreed to a merger with 890 5th Avenue Partners, valuing it at $1.5 billion net of cash.

Last month the publisher of Forbes magazine said it was going public through a merger with a Hong Kong-based SPAC in a deal that values the combined entity at $630 million.

Media SPAC led by former CBS chief begins trading on NASDAQ

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

More from author

Subscribe

Related posts

Latest posts

U.S. surgeons successfully test pig kidney transplant in human patient

Stock Markets9 minutes ago (Oct 19, 2021 07:11PM ET) (C) Reuters. By Nancy Lapid NEW YORK (Reuters) - For the first time, a pig kidney...

Haiti gang seeks $1 million per person for kidnapped missionaries

World29 minutes ago (Oct 19, 2021 06:50PM ET) (C) Reuters. An entrance to the Christian Aid Ministries compound is seen after the abduction of a...

U.S. House committee nears contempt vote on Trump aide Bannon

World18 minutes ago (Oct 19, 2021 07:01PM ET) (C) Reuters. FILE PHOTO: Former White House Chief Strategist Steve Bannon exits the Manhattan Federal Court, following...

Categories

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!