Marc Debevoise Joe Ianniello Entertainment gatherings president Marc Debevoise Joe Ianniello

SPAC Led by CBS Alums Raises $265 Million for Media-Focused Deals

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variety.com

Cynthia Littleton Business EditorArgus Capital Corp., a special purpose acquisition vehicle backed by Joe Ianniello and other former CBS Corp.

executives, went public Wednesday and is projected to raise about $265 million to acquire media, sports and entertainment-related properties.Argus Capital’s pitch to investors and acquisition targets is that Ianniello and Argus president Marc DeBevoise have gathered a team of seasoned executives with expertise in operating the businesses that it hopes to acquire through the SPAC process.

If Argus Capital doesn’t find enough entities to acquire within 18 months, it has to return capital to investors. As per the rules of SPACs, the $265 million raised through the IPO process will be held in a trust.

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