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Crypto exchange Binance, the world’s largest digital currency platform, is diversifying its business beyond cryptocurrencies and is now getting into media. The company is making a strategic investment into Forbes, the New Jersey-based 104-year-old business and investment-focused magazine and digital publisher.
Binance is making a $200 million strategic investment in Forbes, which would make the crypto exchange one of the two biggest owners of the publication, according to CNBC. The report added that Forbes will use to funds to execute its plan to merges with a publicly traded special purpose acquisition company (SPAC) in the first quarter, according to unnamed sources knowledgeable on the matter.
With the stock market’s decline, investors have become more skeptical of SPAC deals, which gave Binance the opportunity to invest in Forbes. The crypto exchange will replace half of the $400 million commitments from institutional investors, which was announced by Forbes in August 2021.
With its sizable investment, Binance is now one of the top two biggest shareholders of the media company. The exchange will also nominate two directors out of the nine board seats of Forbes, which will be listed in the New Stock Exchange under the ticker FRBS.
“This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0-based tools,” a source knowledgeable of Binance’s strategy said. “Our industry has seen a ton of growth and we think you’d have to be a fool to not position yourself in those sectors that are ripe for infrastructure investment.”
Forbes magazine was founded on September 15, 1917, by B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street. Hong Kong-based investment group Integrated Whale Media Investments acquired a majority stake in the company in 2014. The magazine is known for its annual rankings of the world’s richest individuals.
