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February 12, 2022 01:00 pm

Binance Is Taking a $200 Million Stake In Forbes

An anonymous reader quotes a report from CNBC: Binance, the world's biggest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year-old magazine and digital publisher, CNBC has learned. The funds will help Forbes execute on its plan to merge with a publicly traded special purpose acquisition company, or SPAC, in the first quarter, according to people with knowledge of the deal. Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August, said the people. That would make Binance one of the top two biggest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker FRBS, the people said. The crypto company will also get two directors out of nine total board seats, they said. The move shows the increasing real-world influence of the crypto sector, which has seen surging valuations and minted a new class of billionaires amid global interest in digital assets. While crypto companies have gone public, affixed their names to sports arenas and flooded airwaves with celebrity endorsements, this is the sector's first big investment in a traditional U.S. media property. The investment by Binance, founded barely five years ago, is an indication that Zhao believes content generation will be a growth area for Web 3.0 development. Web 3.0 refers to a more decentralized version of the internet that uses the blockchain, which also underpins cryptocurrencies and non-fungible tokens, or NFTs. [...] The company approached Forbes, which had been weighing options including an outright sale, after identifying three media and content platforms for potential investment, said the people. Crypto insiders say they expect a deluge of deals this year as companies deploy the enormous sums of money raised in recent fundraising rounds. Further reading: An Incomplete History of Forbes as a Platform for Scams, Grift and Bad Journalism

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