Source: Adobe/pvl
Binance, the leading crypto exchange, has made a US$XNUMX million strategic investment in global media company Forbes.
The new was announced today by Forbes and publicly traded single purpose acquisition company Magnum Opus Acquisition Limited.
According to the announcement,
"Binance's strategic investment will be through Binance's assumption of subscription agreements representing two hundred million commitments in the €XNUMX million Private Equity Investment ("PIPE") that was previously announced with the Forbes' Pursuit of Going Public Through a Business Combination with Magnum Opus".
The companies are referring here to a previous announcement that Forbes and Magnum Opus would seek "a business combination" through which Forbes would become a publicly traded company on the New York Stock Exchange.
Binance accepts existing PIPE commitments, they stated, bringing the total size of PIPE to €XNUMX million.
The successful closing of the "business combination transaction" is expected to take place this quarter.
The announcement added in addition to this that:
Transactions with Magnum Opus and Binance should help Forbes maximize its brand and corporate values and employ its proprietary technology and analytics stack to transform readers into long-term, engaged clients of the platform service, even through recurring memberships and subscriptions to premium content and highly targeted product offerings. .
Forbes CEO Mike Federle reportedly stated that Forbes is working to "demystify the complexities" surrounding blockchain and digital assets, and that thanks to the investment from Binance, the company now has "the experience , the network and the resources" of this essential exchange.
Both Forbes and Binance suggest that their goal is to educate the public about crypto and blockchain, with Federle stating that Forbes "can become a true leader in the space" of digital assets with the help of Binance. Exchange CEO Changpeng Zhao said: "As web XNUMX and blockchain technologies advance and the crypto market matures, we know that the media is an essential factor in producing consumer understanding and education."
Finally, as part of this transaction, Patrick Hillmann, Director of Communications at Binance, and Bill Chin, Director of Binance Labs, the venture capital arm and also an incubator of Binance, will join the Forbes Board of Directors.