By
Steve Muchoki
April 24th, 2024
Executive members of Binance leadership will be on the Forbes Board of Directors once the deal closes.
Binance, the world’s biggest cryptocurrency exchange is making a $200 million strategic investment in a high-ranking media firm – Forbes. The investment is coming at a time Forbes plans to merge with Magnum Opus Acquisition Limited (NYSE: OPA), a publicly-traded company. After the merge, Forbes will list under the New York Stock Exchange (NYSE). However, SPAC’s recent market loss has made investors skeptical of involvement in deals with them.
Reportedly, the Binance investment would replace half of the $400 million in commitments from investors announced in August by Forbes and SPAC company, Magnum Opus Acquisition Limited.
Notably, the investment deal is a clear indicator of the vast influence of cryptocurrency on the real world. The blockchain industry has seen more rise in assessments in the middle of global interest in digital assets. There are now more crypto billionaires in recent times. Since cryptocurrency companies began going public and partnering with influencers, Binance investment in Forbes is the biggest media partnership yet. The aim is to build on digital transition for enhanced growth.
Forbes was founded in 1917 by two-time presidential candidate and editor-in-chief Steve Forbes. It is a forerunner in the magazine publishing space. For over a Century, the media conglomerate has remained on the top charts, diversifying revenue. It became Hong Kong-based Integrated Whale Media’s investment in 2014. The company acquired Forbes stake at $475 million and has since been with the Forbes Family. Forbes also keeps up with its annual ranking of the world’s richest business tycoon. The category includes names of billionaires globally including Binance CEO Changpeng Zhao.
Forbes to Onboard new Executives from Binance
Executive members of Binance leadership will be on the Forbes Board of Directors once the deal closes. In a statement, Binance spokesperson Simon Matthews said “I can confirm Forbes’ editorial independence will remain sacrosanct, and entirely independent from Binance.”
Forbes & Company Limited had previously been in sale talks with GSV-Led Group. The publishing firm at the time was worth $600 million.
Binance investing hugely in Forbes indicates Zhao’s understanding of how crucial content creation is to business. It is to build on digital transition for enhanced growth for every stakeholder. In addition, Binance will help Forbes develop Web 3.0 and NFTs.
An anonymous who is familiar with the matter said:
“This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools. Our industry has seen a ton of growth and we think you would have to be a fool to not position yourself in those sectors that are ripe for infrastructure investment”
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