December 9, 2022

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 what Forbes planned to raise from institutional investors ahead of its initial public offering.

Forbes announced plans to merge with SPAC last summerMagnum Opus Acquisition Limited to market. As a result of the merger, the company planned to reach a $630 million estimated value. The combined firms will continue to be led by the current management team and will retain the Forbes name. Following the closing of the deal, Forbes will list its shares on the New York Stock Exchange under the ticker "FRBS". The deal is expected to close by the end of spring. The publication said in a statement:

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

With new investments, Binance will become the secondlargest 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.

Forbes Board of Directors will have twoexchange representative. However, the crypto company does not plan to influence the editorial policy of the media holding. For the platform, this is primarily an investment in the media industry, which has an impact on the development and adoption of innovative technologies. According to statements, the crypto exchange is planning consultations 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.”

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