Ex-CBS bosses look to raise $265m to target tech-driven media companies

Former CBS CEO Joe Ianniello and ex-CBS Interactive boss Marc DeBevoise have launched a special purpose acquisition company (SPAC) called Argus Capital, which will tech-driven media businesses.

Joe Ianniello

Otherwise known as blank-cheque companies, SPACs are entities without any assets and established via a stock market listing for the sole purpose of buying and merging with an unspecified existing private business to take it public.

Argus is looking to raise US$265m via its launch on the Nasdaq Global Market yesterday and is targeting “businesses across the tech-driven media landscape,” the company said.

The offering to potential investors is expected to close on September 24. Argus will then seek to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.

The company’s management team also includes a host of other former CBS execs, including Dana McClintock, Steve Mirante, Charles Pavlounis, Kelli Raftery and Maria Corsaro Charon.

Hundreds of SPACs have launched in the US already this year, generating over US$100bn. They are also becoming increasingly common in Europe, with examples including I2PO, led by Iris Knobloch, the former president of WarnerMedia in France, Benelux, Germany, Austria and Switzerland.