Binance becomes one of top two largest owners of Forbes after $200M investment
- Cryptocurrency exchange Binance on Wednesday set up to become one of the top two biggest owners of Forbes Media after taking a $200M stake, according to a release.
- Binance’s investment is expected to help Forbes maximize its brand and enterprise values, the company said. Remember towards the end of August, Forbes confirmed a deal to go public through special purpose acquisition company Magnum Opus Acquisition (NYSE:OPA).
- Moreover Binance’s stake will represent half of the $400M in commitments in the private investment in public equity (“PIPE”), the company said.
- As part of the transaction, Patrick Hillmann, chief communications officer for Binance and Bill Chin, head of Binance Labs, the venture capital arm of Binance, will join Forbes board of directors upon closing.
- “Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,” said Forbes CEO Mike Federle. “With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators,” he added.
- Previously, (Jan. 4) Binance’s venture capital arm lead a $12M investment in WOO Network.