Binance to Invest $200 Million in Forbes Media

  • Forbes’ digital asset strategy will be advised by a cryptocurrency exchange.
  • Forbes will list on the New York Stock Exchange via a SPAC in the first quarter.

Binance Holdings Ltd., parent company of the world’s largest cryptocurrency exchange, is investing $200 million in the over-100-year-old journalism organization Forbes.

When the purchase is completed, Patrick Hillmann, Binance’s chief communications officer, and Bill Chin, head of Binance Labs, the company’s venture capital arm, will join the Forbes board of directors.

Forbes agreed to merge with blank-check provider Magnum Opus Acquisition Ltd. last year in order to become public. The merger is planned to close in the first quarter of 2022, with the company trading under the symbol FRBS on the New York Stock Exchange.

Forbes’ editorial operation will remain “very independent,” Binance founder and CEO Changpeng Zhao stated in a CNBC interview. Binance will assist the organization in developing its crypto and blockchain strategy, including investigating the possibility of issuing non-fungible tokens, implementing read-to-earn, and accepting Bitcoin for subscriptions, he said. The transaction is part of Binance’s broader strategy of partnering with businesses in traditional industries and bringing them into what is referred to as web3.

Forbes is “already a resource for those interested in the burgeoning world of digital assets,” said Mike Federle, Forbes’ chief executive. “With Binance’s investment in Forbes, we now have access to the world’s largest crypto exchange’s experience, network, and resources.”

Binance, the world’s largest cryptocurrency exchange by trading volume, made the investment as part of a $400 million private investment in public equity (PIPE) transaction.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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