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Former Washington Post and Gannett Leadership Launch a SPAC in Chevy Chase

MBS Staff
Chevy Chase Friendsip Heights Maryland

Former top editor at the Washington Post and The Wall Street Journal Marcus Brauchli, along with Former Gannett/USA Today CEO Paul Bascobert led the way for a new SPAC or special purpose acquisition company to go public last week.

With an upsized offering of $165 million, the Blue Ocean Acquisition Corp launched December 3rd on the NASDAQ under the ticker symbol BOCNU. It was priced at $10 a share and the closing of the offering will be on December 7th.

Brauchli will lead the company as chairman while Bascobert obtains CEO status.

According to a company report, Blue Ocean was setup to focus on opportunities in high-growth internet, media and adjacent industry segments, including online marketplaces, content and subscription management, education and training, advertising technology and direct-to-consumer businesses.

The blank-check company at 2 Wisconsin Circle is seeking acquisitions in large-population, high-growth emerging regions in Asia and Latin America, as well as in North America with a value between $750 million and $2 billion.

SPACs continue to trend as a quicker and less regulated way for private companies to go public and Montgomery County continues to be an establishment magnet for these types of companies.

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