Binance Makes $200 Million Investment in Forbes Prior to SPAC Combination
In an exciting development, global media company Forbes, with the strategic assistance of Binance, aims to establish a dominant position in the digital assets field. Already a go-to resource in this dynamic sector, Forbes is poised for further growth thanks to Binance's significant investment.
Binance's involvement will materialise through an assumption of subscription agreements totalling US$200 million, contributing to a US$400 million private investment in public equity (PIPE). This move leaves the overall size of the PIPE unchanged.
Forbes' Chief Executive Officer, Mike Federle, has expressed his excitement about the partnership, stating that Binance's investment brings the experience, network, and resources of the world's leading crypto exchange and a successful blockchain innovator.
The transaction between Forbes and Magnum Opus Acquisition Limited, previously announced for a Q1 2022 closure, is set to proceed as planned. However, the identity of the new Board of Directors members for Forbes Global Media Holdings, Inc. post-transaction remains undisclosed.
Patrick Hillmann, Binance's Chief Communications Officer, and Bill Chin, Head of Binance Labs, will join the Forbes Board of Directors upon the transaction's completion.
Forbes plans to leverage its proprietary technology stack and analytics to transform readers into long-term, engaged customers. This will be achieved through memberships and recurring subscriptions to premium content, as well as highly targeted product offerings.
Changpeng 'CZ' Zhao, Founder and CEO of Binance, has expressed his enthusiasm about strengthening Forbes' digital initiatives, as they evolve into a next-level investment insights platform. Binance looks forward to supporting Forbes in the advancement of Web 3 and blockchain technologies, and the maturation of the crypto market.
Through this SPAC merger, Forbes will transition into a publicly traded company, trading on the New York Stock Exchange under the ticker symbol "FRBS".
With this investment, Binance further cements its role as a key player in the digital assets industry, while Forbes stands to benefit from the resources and expertise of one of the world's leading crypto exchanges.
(Note: The featured image is an edited photo by Samson via Unsplash.)
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