Global media giant, Forbes, has cancelled plans to go public. Learn more about the withdrawn IPO, and find out about similar companies you can invest in from Canada.
In May 2022, The New York Times released a report saying Forbes would no longer be going through with plans to go public, according to people familiar with the matter.
Originally, Forbes was believed to be planning to go public by merging with Magnum Opus Acquisition, a special purpose acquisitions company (SPAC) based in Hong Kong (you can read about the merger in this SEC filing). The newly-formed company was going to trade on the NYSE under the symbol “FRBS.”
The move was expected to take place at the end of 2021 or early 2022 and would have valued Forbes at $630 million. The deal was supposed include a $200 million investment from crypto exchange Binance.
Currently, Forbes is owned by Hong Kong-based Whale Media Investment Inc., which has a 95% stake in the company, and the Forbes family. There has been no word on whether Forbes will have an IPO in the future.
Even though you won’t be able to buy Forbes stock, you can still invest in other media companies.
| Company | Stock info |
|---|---|
| Fox Corporation | Nasdaq Global Select Market: FOX |
| Comcast Corporation | Nasdaq Global Select Market: CMCSA |
| News Corporation | Nasdaq Global Select Market: NWS |
| The New York Times Company | NYSE: NYT |
| BCE Inc. | TSX: BCE |
You’ll need a brokerage account to buy and sell stocks. Here’s how it works:
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Your guide to how ETFs work and whether this type of investment is right for you.
Read more…
Learning how to read stock charts and recognize chart patterns can unlock your success as a trader.
Read more…
Owning a stock means you own part of a company and can potentially grow your wealth. But there is a risk of loss.
Read more…Your guide to the account plans, included transactions and monthly fees of the Scotiabank Select Account for Business.
Your guide to the transactions, fees, limits, and pros and cons of the Scotiabank Scotia Professional Plan Plus Account.
Discover Ford’s latest financing offers across Canada—find 0% APR deals on popular models.
Compare loans like Prudent Financial Services to find the right lender for your financial situation.
Get fast access to interest-free loans with these Ontario cash advance apps.
Find out what to do if you’ve been affected by Binance’s withdrawal from Canada.
Here’s our methodology for scoring the features that matter, and picking the top business bank accounts in Canada.
We break down the 100 Envelope Challenge, a viral TikTok trend that can help you save money fast.
Is Loan Lender Financial legit? Find out in this review.
Some business loans don’t require down payments, while others require up to 15% or more of the loan amount.