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Major crypto exchange Binance has made a USD 200m strategic investment into the global media company Forbes.
The news was announced today by Forbes and publicly traded special purpose acquisition company Magnum Opus Acquisition Limited.
Per the announcement,
“Binance’s strategic investment will be through Binance’s assumption of subscription agreements representing [USD] 200 million of commitments in the [USD] 400 million private investment in public equity (“PIPE”) that was previously announced along with Forbes’ intention to go public via a business combination with Magnum Opus.”
The companies here refer to an earlier announcement that stated that Forbes and Magnum Opus will seek for “a business combination” through which Forbes would become a publicly-traded company on the New York Stock Exchange.
Binance is assuming existing PIPE commitments, they said, so the overall size of the PIPE will remain at USD 400m.
The successful closing of “the business combination transaction” is expected to happen this quarter.
The announcement further added that:
The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise values and use its proprietary technology stack and analytics to convert readers into long-term, engaged customers of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings.
Forbes CEO Mike Federle was quoted as saying that Forbes is working on “demystifying the complexities” surrounding blockchain and digital assets, and that, thanks to Binance’s investment, the company now has “the experience, network and resources” of this major exchange.
Both Forbes and Binance suggest they are aiming at educating the public on crypto and blockchain, with Federle saying that Forbes “can become a true leader in the field” of digital assets with Binance’s help. The exchanges CEO Changpeng Zhao, meanwhile, said that: “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.”
Finally, as part of this transaction, Patrick Hillmann, Chief Communications Officer for Binance, and Bill Chin, Head of Binance Labs, the venture capital arm and incubator of Binance, will join the Forbes Board of Directors.
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