Binance to Invest $200 Million in Forbes (Report)

The world’s largest cryptocurrency exchange continues with its expansion as this time it aims at one of the most well-known magazines and digital publishers – Forbes. Binance has agreed to invest $200 million in the century-old company to help it merge with a SPAC.

Citing unnamed sources, CNBC reported on February 10th that the Changpeng Zhao-led crypto exchange plans to allocate $200 million into Forbes.
The idea is to help the magazine and online publisher to merge with a publicly-traded special purpose acquisition company (SPAC) by the end of the ongoing quarter of 2022.
The exchange will replace half of the commitments made by institutional investors worth $400 million. Thus, Binance will become the second-largest owner of Forbes after the public listing.
Forbes aims to be listed on the New York Stock Exchange under the ticker “FRBS.”
The report further informed that Binance will receive two directors out of the nine total board seats.
Founded in September 1917, Forbes is currently owned and operated by Integrated Whale Media Investments (95%) and the Forbes family (5%). The magazine claims that it reaches over 150 million people.
The company made its plans to go public in the middle of last year, but there was little-to-no information on which route it will take until now.

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