December 5, 2023

Binance invests $200 million in Forbes

Binance Invests $200 Million in Forbes

Crypto exchange Binance will acquire a $200 million stake in Forbes ahead of the IPO, through a SPAC company.

Binance's investment will be half of the amount that Forbes planned to raise frominstitutional investors before entering the initial public offering. 

Back in the summer, Forbes announced plans to merge with SPAC Magnum Opus Acquisition Limited to enter the market.As a result of the merger, the company planned to reach an estimated value of $630 million.The combined firms will continue to be led by the current management team and will retainFollowing the closing of the transaction, Forbes will list its shares on the New York Stock Exchange under the ticker "FRBS".The deal is planned to be closed by the end of spring.In a statement, the publication noted: 

Deals with Magnum Opus and Binance will help us maximize the value of our brand and enterprise.

With the new investment, Binance will become the second-largest owner in Forbes after Integrated Whale Media (IWM), a Chinese investment firm that acquired a 95% stake in Forbes from the Forbes family in 2014. 

There will be two representatives of the exchange on the board of directors of Forbes.For the platform, this is primarily an investment in the media industry, which provides According to the statements, the crypto exchange plans toadvice and assistance in the field of digital initiatives and technologies.

Forbes said it would also use itsmeans to “turn readers into regular, engaged users of the platform, including through memberships and regular subscriptions to premium content and targeted product offerings.”

Subscribe to ForkNews on Telegram to stay updated on news from the world of cryptocurrencies