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Binance, one of the world-leading cryptocurrency exchanges, announced a $200 million strategic investment in Forbes.
This deal will help Forbes execute on its earlier announced $400 million merge deal with a publicly-traded SPAC “Magnum Opus” which is sponsored by a private investment firm L2 Capital.
Binance will cover half of the planned $400 million investment, allowing Forbes to go public under the ticker “FRBS.” In return, the crypto company will also get two out of nine total board seats, with Patrick Hillmann, Chief Communications Officer for Binance, and Bill Chin, Head of Binance Labs, joining the Forbes Board of Directors.
The move will make Binance one of the top two biggest owners of Forbes, showing the increasing real-world influence of the crypto sector.
“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,” said CEO of Forbes Mike Federle.
Binance founder and CEO Changpeng Zhao, with a net worth of $96 billion according to Bloomberg News, sees this investment as a great opportunity for Web 3.0 development. Web 3.0 is seen by many as the future of the internet, as a more decentralized version that uses cryptocurrencies and NFTs.
Forbes, known best for its flagship magazine and a digital publishing model, currently reaches 150 million people worldwide. The company is seeking to diversify its revenue even more with this deal.
By Senad Karaahmetovic | senad@streetinsider.com
