The world’s largest crypto exchange will take a stake in the global media company.
Cover photo by CNN.
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Binance is making a $200 million strategic investment in Forbes ahead of the publication’s plan to go public through a special purpose acquisition company in the first quarter of 2022.
Binance Invests in Forbes
Binance is branching out with a landmark media investment.
The world’s largest crypto exchange will invest $200 million in Forbes, an anonymous source told CNBC News Thursday.
Binance’s investment will help Forbes as it transitions to a publicly-traded entity through a special purpose acquisition company, or SPAC, according to people with knowledge of the deal.
When the deal is finalized sometime in the first quarter of 2022, Forbes will start trading on the New York Stock Exchange under the ticker FRBS, sources revealed. The deal will make Binance one of the two biggest investors in Forbes and grant the crypto exchange two director positions on the media company’s board of executives.
While Binance has frequently made investments inside the crypto space, most recently contributing $40 million to the Oasis ecosystem fund, its stake in Forbes marks the exchange’s first investment in a traditional media company. Binance’s first undertaking as an investor will be to replace half of the $400 million in commitments from institutional investors announced by Forbes in August.
Binance’s investment in Forbes highlights the growing influence of the crypto sector in the traditional financial world. The deal will likely set a precedent for other big players in the crypto industry to form partnerships with influential companies outside of the crypto sphere.
Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies.
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