Forbes, the publisher of the iconic magazine with the same name, has received a $200 million investment from the world’s largest exchange by trading volume, Binance, Forbes said in a press release on 10 February.
According to the announcement, the exchange’s strategic investment in Forbes was made through Binance’s “assumption of subscription agreements” representing $200 million of commitments in the $400 million private investment in public equity (PIPE), which was announced back in August. Forbes’ $400 million PIPE is part of the company’s efforts to go public on the New York Stock Exchange (NYSE) through a merger with special purpose acquisition company (SPAC) Magnum Opus. The CEO of Forbes, Mike Federle, said in a statement:
“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.”
The newly acquired funds will help Forbes accelerate its digital growth, and further capitalize on its successful digital transformation to “create more deeply engaged audiences”. Binance’s chief communications officer Patrick Hillmann and Binance Labs Bill Chin will also be joining Forbes’ board of directors as part of the deal.
The CEO of Binance, Changpeng “CZ” Zhao, noted that the investment was part of the exchange’s effort to improve consumer understanding of blockchain and Web3. He noted that “media is an essential element” in improving consumer education on these topics, and that Forbes will soon “evolve” into a next level investment insight platform.