Former CBS Execs’ SPAC to Raise $265 Million Through IPO

Tony Maglio
·2 min read

Argus Capital Corp., the SPAC run by former CBS executives Joe Ianniello and Marc DeBevoise, has set its IPO pricing. Offering 26,500,000 units to the public at $10 apiece, Argus aims to raise $265 million to acquire businesses in the “tech-driven media landscape.”

Starting Wednesday, the special-purpose acquisition company’s IPO units are being listed on the NASDAQ under ARGUU. The initial public offering is expected to close tomorrow. Its Class A common stock is expected to trade under ARGU. (Redeemable warrants will trade under ARGUW.)

“Argus’ business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” according to the mission statement outlined in the IPO’s press release. “While Argus may pursue an initial business combination opportunity in any industry or sector, it intends to identify and complete a business transaction with a company in the tech-driven media industry.”

Ianniello has previously said that companies focused on video streaming, live events and sports are of interest to Argus. It would also consider companies in the ad tech, games and wellness or lifestyle markets.

At CBS, Ianniello helped launch its outdoor advertising business and sell a radio station group. Ianiello rose to CBS Corporation CEO following the ousting of Les Moonves. Ianniello was eventually replaced by a combination of George Cheeks, who was named CBS Entertainment CEO, and Bob Bakish, who is the head honcho at the re-merged ViacomCBS.

Ianniello is the chairman and CEO of Argus, which is named after the Greek mythological giant and the CBS eye logo. DeBevoise is vice chairman and president. Other CBS alums joining them include Chief Communications Officer Dana McClintock and Chief Marketing Officer Kelli Raftery.

SPACs and mergers are all the rage these days. On the M&A end, the giant pending deal in Hollywood is between Discovery and WarnerMedia. On the SPAC side, high-profile ventures have been formed by former Walt Disney executives Tom Staggs and Kevin Mayer, as well as James Murdoch and another former Disney exec, Uday Shankar.