Hearst Magazines Veteran Preps Major Spac Deal

Financial Times: Joanna Coles, the former editor-in-chief of Cosmopolitan, and Jonathan Ledecky, the co-owner of the New York Islanders ice hockey team, are preparing to launch an obscure securities clearing and custody firm on the New York Stock Exchange, using their blank-check company to snap it up in a $4.7 billion deal.