Binance set to plough $200m into Forbes
The world’s largest cryptocurrency exchange – Binance – is understood to have agreed a $200 million strategic investment into the Forbes publishing house.
Binance’s massive cash injection is believed to be funding merger plans by the century-old magazine with a special purpose acquisition company (SPAC). In August, Forbes announced plans to go public via a merger with Magnum Opus Acquisition.
Forbes is said to have $400 million in commitments from institutional investment – half of which will be replaced by Binance, making it one of Forbes’ biggest investors.
The publisher is preparing to be listed on the New York Stock Exchange under the FRBS ticker, which will see Binance handed two of the nine seats on the board of Forbes – one of which will be taken by Binance’s founder and CEO, Changpeng Zhao (main picture).
Forbes was created 104 years ago by Scottish-American financial journalist Bertie Charles Forbes and his partner Walter Drey. BC Forbes provided the financial backing, while Drey brought extensive publishing experience. In 2014, Forbes sold a 95% stake to Hong Kong-based Integrated Whale Media at a valuation of $475 million.
The publishing house’s current editor-in-chief is 74-year-old Steve Forbes – the grandson of BC Forbes.