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Binance invested in Forbes by acquiring $200 million worth of stake in the company. The largest cryptocurrency exchange in the world is making this move as part of a strategic plan.
According to CNBC, the funds that the 104-year old magazine is getting out of the deal with Binance are set to be used to help the company carry out its plan to merge with Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company or SPAC, in the first quarter.
Forbes and Magnum Opus Acquisition Limited officially revealed on Thursday, Feb. 10, that they are securing a $200 million investment from the said cryptocurrency exchange company. Binance’s spokesperson said that their investment in the publishing company is the first investment of this kind in the media industry.
In any case, Forbes already announced its intentions to go public via its merger with Magnum Opus in August 2021. Their deal is expected to be completed within the first quarter of this year.
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,” Forbes’ chief executive officer, Mike Federle, said in a press release. “With Binance’s investment in Forbes, we now have the experience, network, and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators. Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”
Binance’s founder and CEO, Changpeng ‘CZ’ Zhao, also commented that he and his team are looking forward to a good partnership with Forbes. He said they will work together to boost the media firm’s “digital initiatives, as they evolve into a next-level investment insights platform.”
Meanwhile, with the acquisition of stakes in Forbes, Binance will effectively become one of the biggest owners of Forbes. And with the publication’s upcoming listing on the New York Stock Exchange, the company will be listed under the ticker “FRBS,” and two directors from Binance will now have a seat in Forbes’ nine-member board.
