Binance to Invest $200 Million in Forbes (Report)

The world’s largest cryptocurrency exchange continues with its expansion as this time it aims at one of the most well-known magazines and digital publishers – Forbes. Binance has agreed to invest $200 million in the century-old company to help it merge with a SPAC.

• Citing unnamed sources, CNBC reported on February 10th that the Changpeng Zhao-led crypto exchange plans to allocate $200 million into Forbes.
• The idea is to help the magazine and online publisher to merge with a publicly-traded special purpose acquisition company (SPAC) by the end of the ongoing quarter of 2022.
• The exchange will replace half of the commitments made by institutional investors worth $400 million. Thus, Binance will become the second-largest owner of Forbes after the public listing.
• Forbes aims to be listed on the New York Stock Exchange under the ticker “FRBS.”
• The report further informed that Binance will receive two directors out of the nine total board seats.
• Founded in September 1917, Forbes is currently owned and operated by Integrated Whale Media Investments (95%) and the Forbes family (5%). The magazine claims that it reaches over 150 million people.
• The company made its plans to go public in the middle of last year, but there was little-to-no information on which route it will take until now.