Binance Is Making A $200M Strategic Investment In Forbes Magazine

Binance is going to make a $200 million strategic investment in the icon of finance magazines – Forbes, according to official announcement.

Forbes announced that Binance will represent half of the $400 million private investment in public equity (PIPE) announced in August. At the time, Forbes revealed the PIPE investment along with its intention to go public via Magnum Opus, a special purpose acquisition company (SPAC). The deal is expected to close by March. 

According to Forbes:

“With Binance assuming existing PIPE commitments, the overall size of the PIPE will remain at $400 million, and Binance’s investment will be according to substantially the same terms as the existing PIPE investors.”

The exchange will replace half of the commitments made by institutional investors worth $400 million, making Binance the second-largest owner of Forbes after the public listing.

Forbes aims to be listed on the New York Stock Exchange under the ticker “FRBS.”

In addition, Binance will receive two directors out of the nine total board seats, according to the report.

Changpeng Zhao, Founder and CEO, Binance commented:

“As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.”

Founded in September 1917, with a reach of 150 million readers, Forbes is currently owned and operated by Integrated Whale Media Investments (95%) and the Forbes family (5%).