Finance

Media veterans like Joanna Coles and Greg Coleman are betting big on SPACs. Here are 12 media-focused blank-check companies to watch.

Northern Star Investment Corp III and IV

joanna coles

Joanna Coles
Frederick M. Brown/Getty

IPO Price: $300 million and $300 million

Northern Star Investment Corp III and IV are, as the names would suggest, the third and fourth SPACs formed by media executive Joanna Coles and SPAC veteran Jonathan Ledecky. Their first, Northern Star Acquisitions Corp, went public in November. It announced a $1.6 billion deal to take pet subscription service Barbox public the following month. In February, Northern Star Investment Corp II agreed to merge with Apex Clearing, valuing the fintech company at $4.7 billion.

Coles is a well-known media executive who previously served as chief content officer at Hearst. She’s currently an executive producer on Freeform and Hulu TV series “The Bold Type” and sits on the boards of Snap, Sonos, Blue Mistral, and Density Software.

“I would make a bet where Joanna is involved,” said MediaLink’s Kassan.

Ledecky, meanwhile, is the co-owner of NHL franchise the New York Islanders and has also been involved with other SPACs including Pivotal Acquisition Corp and Endeavor Acquisition Corp.

Northern Star Investment Corp III is on the hunt for businesses in the “direct-to-consumer and digitally-disruptive e-commerce spaces,” according to the SPAC’s S-1, filed earlier in February. The S-1 states the SPAC is also on the lookout for companies which “create, produce, own, distribute and/or market content, products and services or facilitate the sharing economy. Northern Star Investment Corp IV also states it’s targeting similar companies.

“Growth in these sectors has been driven by new technologies, the expansion of emerging markets, and new consumption habits lead by Millennials and ‘Gen Z’ who value experiences as much as “stuff,” health over wealth and transparency in how something is produced,” both SPACs state in their S-1s.

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