Binance has made a $200 million strategic investment in Forbes, according to the publication. Binance will assist Forbes Digital Assets and Web3 Strategy with their advisory services. In addition, it is predicted that Forbes will go public in New York in the first quarter of 2022.
Specifically, Binance will assume subscription agreements on behalf of the $400 million private investment in public equity (“PIPE”), which was previously announced along with Forbes’ intention to go public through a business combination with Magnum Opus. This strategic investment will represent $200 million in commitments in the $400 million PIPE.
A Comprehensive Partnership
Among other things, the transactions with Magnum Opus and Binance are expected to assist Forbes in maximizing its brand and company values, as well as utilizing its proprietary technology and analytics stack to convert readers into long-term, engaged customers of the platform, including through recurring memberships and subscriptions to premium content as well as highly targeted product offers.
Changpeng ‘CZ’ Zhao, founder and CEO of Binance, said that with this alliance, they hope to strengthen Forbes’ digital initiatives. He said:
“As Web 3 and blockchain technologies advance and the crypto market comes of age, we know that media is an essential element in generating widespread consumer understanding and education. We look forward to reinforcing Forbes’ digital initiatives as they evolve into a next-level investment information platform.”
A recent investment by Binance indicates that Zhao believes content generation will be a growing area for Web 3.0 development in the future. It is a more decentralized form of the internet that makes use of the blockchain, which also serves as the foundation for cryptocurrencies and non-fungible tokens, commonly known as NFTs.
The Binance transaction will result in Patrick Hillmann, Binance’s Director of Communications, and Bill Chin, Binance’s Director of Binance Labs, the cryptocurrency exchange’s venture capital and incubator division, both joining the Forbes Board of Directors. A merger of businesses is expected during this quarter.
Forbes CEO Mike Federle was quoted as saying in the statement:
“Forbes is committed to demystifying the complexities and providing useful information about blockchain technologies and all emerging digital assets. With Binance’s investment in Forbes, we now have the experience, network, and resources of the world’s leading cryptocurrency exchange and one of the world’s most successful blockchain innovators. Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with your help.”