Shaq’s SPAC

    • Forest Road Acquisition Group will look to raise $250 million for acquisitions in media and technology.
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As more groups look to raise money and list a company publicly without having to file for an IPO, a big player has entered the special purpose acquisition company arena. Shaquille O’Neal has launched a SPAC, along with one of Martin Luther King Jr.’s sons and three former Walt Disney Co. executives.

Forest Road Acquisition Corp. will look to raise $250 million for acquisitions in media and technology. Shaq was specifically mentioned in the SEC filing as having a “keen eye for investing in successful ventures.”

DraftKings used a SPAC to go public in April, and fellow betting company Rush Street Interactive is reportedly looking to do the same. Last year, Allied Esports went public through a SPAC deal as well. SPACs have raised more than $40 billion this year, compared to $13.5 billion in 2019.

SPACs Looking At Sports & Entertainment:

RedBall Acquisition — $575 million

Ascendant Digital Acquisition Corp. — $414 million

Acies Acquisition Corp. — $300 million

Tekkorp Digital Acquisition Corp. — $300 million