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Showbiz Spac Closes $300M IPO; Forest Road With Tom Staggs, Kevin Mayer, Shaquille O’Neal Eyes Media Deals

Showbiz Spac Closes $300M IPO; Forest Road With Tom Staggs, Kevin Mayer, Shaquille O’Neal Eyes Media Deals

Entertainment finance firm Forest Road and a team of A-list media insiders from Tom Staggs to Kevin Mayer have closed a $300 million IPO of a new Spac – a special purpose acquisition vehicle they’ll use to buy a private company in media, tech or telecom.

SPACs, which are exploding, are basically empty publicly traded vessels with investors and, in this case, seasoned managers, that go public and find private companies to merge with – taking them public in turn in a process that’s faster, easier and cheaper than a traditional initial public offering. Ideally the SPACs offer industry expertise in the transition to public company status and beyond.

Units of the Forest Road Spac now trade on the New York Stock Exchange under the ticker symbol Frx and can start to approach merger candidates to discuss deals. Forest Road chief executive Zachary Tarica, who is also chairman and chief investment officer of the Spac,

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