Forbes, the major American news organization that established its reputation in financial analysis, has received an offer from a Chinese government-controlled company.
Magnum Opus, the CCP-controlled Corporation in question, revealed its intention to buy the property in August, according to the Free Beacon.
The sale price is a vast $630 million. Forbes’ print edition was previously worth several billion dollars, according to a financial study published by USA Today. Several analysts have classified the magazine as “beyond its prime,” with a market value of $400 to $500 million based on its digital media achievements and prior reporting.
The rapid creation of “non-conventional” start-up companies in the field, as well as a growing number of acclaimed journalists leaving traditional brands to join new digital efforts, has distinguished the digital journalism industry in recent years.
The purchase is to be conducted by a special-purpose acquisition company, Magnum Opus Acquisition Ltd. SEC papers show that Peng Chun, chairman of the China Investment Corporation, personally signed documentation supplying Magnum with its March 2021 startup money, as Waltz noted in his letter.
Now that the deal appears to be nearing conclusion, it has sparked controversy, with many saying the move would enable the CCP to spread its propaganda in the U.S. via a well-established brand and Republicans are expressing their displeasure, pointing out how dangerous the action was.
A Group of Republican senators said that a Chinese-controlled firm’s quest to buy the Forbes media organization constitutes a national security threat and would allow the Chinese Communist Party to advance its propaganda by leveraging one of the most famous American brand names.
Sens. Tom Cotton (Ark.), Bill Hagerty (Tenn.), Ted Cruz (Texas), and Bill Cassidy (La.) wrote on May 24 to the Treasury Department, demanding the Biden administration launch an investigation into the proposed purchase.
Here’s what the senators said:
“Forbes is a recognizable American brand with immense propaganda value to the CCP. The CCP’s direction of Forbes’ editorial content and business operations, or its access to Forbes’ financial and personal research, could present a serious national security threat to the United States.”