Fri. Mar 1st, 2024


Of the nine seats on the Forbes Board of Directors, two of them will be filled by Binance representatives. Thus the cryptocurrency exchange Binance will become a co-owner of Forbes. According to experts, this deal reflects the increasingly noticeable influence of the crypto sector, which has already given the world a galaxy of new billionaires, but in the real world. Furthermore, content creation is supposed to become a growth area for Web 3.0, the concept of a decentralized Internet focused on the development of next-generation technologies. Despite its young age, the exchange was registered in 2017, it is also considered one of the most reliable. Headed by Binance, Changpeng Zhao, known in the crypto world as CZ, is by far the richest crypto billionaire and entrepreneur in the world. Last month, Bloomberg News estimated CZ’s net worth, excluding his personal crypto assets, at $96 billion. The second part of the deal is Forbes, one of the most authoritative publications in the economics and finance segment with more than a century of history. The magazine is known for its annual rankings of the world’s richest business tycoons. There are currently 46 local publications licensed under the Forbes brand, published in 77 countries around the world. The number of subscribers and participants in events held by Forbes reaches 150 million people. In the USA alone, the number of readers of the publication exceeds 6 million people. In 2014, a group of Hong Kong investors, Integrated Whale Media Investments (IWM), acquired a majority stake (95%) in the publisher Forbes Media. The full settlement was not disclosed.

Cryptocurrencies: You know why Binance has bought a stake in Forbes

But, according to Bloomberg, its size was estimated at $475 million. Ten years earlier, publisher Conde Nast offered a comparable amount for Forbes Media stock: $400 million, but the Forbes family later turned down the deal. Not surprisingly, the operation, which involves a very significant investment of crypto capital in a traditional cult medium with a long history, could not go unnoticed. As reported by CNBC, in the coming weeks, the Forbes media group intends to announce the completion of the merger with SPAC (Special Purpose Acquisition Company), a publicly traded company. This is a fairly well-known move that allows a company to go public without going through the IPO procedure. It is true, experts say, that investor interest in SPAC transactions in general and media transactions in particular has waned in recent months.

cryptocurrencies

According to Forbes directly, Magnum Opus Acquisition Limited was chosen as the SPAC. The business combination of the two companies is expected to be completed in the first quarter of 2022. As a result, Forbes will become a public company on the New York Stock Exchange, with the company’s shares trading under the symbol “ FRBS”. Following the listing on Forbes, Binance intends to buy $200 million from the media group’s institutional investors. Therefore, Binance, led by Changpeng Zhao, will become one of the two largest owners of Forbes. According to sources cited by CNBC. Forbes has already announced the names of the new board members: Patrick Hillmann, Director of Communications at Binance, and Bill Chin, Director of Binance Labs. According to CNBC insiders, when the deal was officially announced, Changpeng Zhao made it clear who sees content creation as a growth point for the development of Web 3.0, a decentralized version of the Internet that uses blockchain and other next-generation Internet technologies such as machine learning and artificial intelligence.

By deepak yadav

Dk is a writer who specializes in news articles. he has been writing on wttspod.com for over one years, and during that time she has written over 100 articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.