Binance will make a $200 million strategic investment in the 104-year-old magazine Forbes, according to a recent report.
The world's largest crypto exchange is expanding again, this time targeting Forbes, one of the most well-known publications and digital publishers. Binance has committed to spend $200 million in the century-old business in order to assist it in merging with a SPAC.
CNBC reported on February 10, citing unnamed sources, that the Changpeng Zhao-led crypto exchange wants to invest $200 million in Forbes.
By the conclusion of the current quarter of 2022, the goal is to assist the magazine and online publisher in merging with a publicly traded special purpose acquisition company (SPAC).
Half of the $400 million pledges made by institutional investors will be replaced by the exchange. After the public listing, Binance will become the second-largest owner of Forbes.
Forbes intends to list under the ticker "FRBS" on the New York Stock Exchange.
According to the report, Binance would be allocated two board seats out of a total of nine.
Forbes, which was founded in September 1917, is now owned and run by Integrated Whale Media Investments (95%) and the Forbes family (5 percent ). The magazine claims to have a readership of more than 150 million people.
The company announced its intention to go public in the middle of last year, but nothing was known about the path it would take until recently.