Crypto exchange Binance invests $200 million in Forbes ahead of the magazine's SPAC merger plans, report says
REUTERS/Darrin Zammit Lupi
- Binance is investing $200 million dollars in Forbes, CNBC first reported Thursday.
- The investment comes ahead of the magazine's blank-check merger later this quarter.
- The stake will make Binance one of the top two biggest owners of Forbes.
Binance is investing $200 million dollars in Forbes Global Media ahead of the magazine's blank-check merger later this quarter, CNBC first reported Thursday.
The deal will help the 104-year-old magazine carry out its plans to merge with publicly-traded SPAC Magnum Opus and make Binance one of the top two biggest owners of Forbes, sources told CNBC.
The world's largest cryptocurrency exchange will also get two directors out of nine total board seats, CNBC reported.
The amount will reportedly replace half of the $400 million private investment in public equity, or PIPE, that institutional investors had initially pledged when Forbes announced the SPAC deal in August 2021.
The business news organization, which publishes Forbes magazine, is expected to raise approximately $600 million in gross proceeds.
The combined firms will continue to be led by the current management team and will retain the Forbes name. Upon the closing of the transaction, Forbes will list on the New York Stock Exchange under the ticker symbol "FRBS."
Forbes said it will also use its funds to "convert readers into long-term, engaged users of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings."
The digital publisher is best known for curating lists of wealthy business icons and influential leaders around the world. The brand reaches more than 150 million people and covers 76 countries.
Contributer : Business Insider https://ift.tt/YLUytVS
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Friday, February 11, 2022
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