The group created a special-purpose acquisition company, or SPAC—an increasingly popular way to raise money and list a company publicly without having to file for an initial public offering. The SPAC, Forest Road Acquisition Corp., said in a Securities and Exchange Commission filing that it would raise $250 million for deals for the blank-check company. Potential acquisitions could include intellectual property and “audience aggregation platforms” such as streaming platforms, Forest Road Acquisition said in its Thursday filing. Forest Road Acquisition is a shell company formed by the film-financing firm Forest Road Co. Its chief executive, Zachary Tarica, will serve as chairman in the SPAC. Keith Horn, a former chief operating officer of Elliott Management Corp. and founder of Loring Capital Advisors, will be chief executive.

Source: Wall Street Journal October 08, 2020 20:27 UTC