Binance Invests $200 Million in Publisher Forbes

The world’s largest crypto exchange Binance has made a $200 million investment in Forbes magazine. The deal will make Binance one of the two largest owners of the 104-year-old publisher.

A huge investment

According to CNBC The investment will make Binance one of Forbes’ two largest owners, with the exchage also providing two directors from a total of nine board seats as part of the publisher’s plan to merge with a publicly traded SPAC (special purpose acquisition company).

Binance is replacing half of the $400 million in commitments from institutional investors announced by Forbes in August. That makes Binance one of the two largest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker “FRBS”.

The move shows the increasing influence of the crypto sector in the ‘real’ world. While several crypto companies have gone public, sponsored sports arenas and advertised massively, this is the industry’s first major investment in a traditional American media property.

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What is Forbes?

Forbes was founded more than a century ago by two-time presidential candidate Steve Forbes. In 2014, Forbes sold a 95% stake to Hong Kong-based Integrated Whale Media for a valuation of $475 million.

Forbes is known for its magazine and a digital publishing model that relies on contributors. It has worked to diversify its revenues through licensing agreements and e-commerce and direct-to-consumer efforts. Forbes is also known for its annual ranking of the world’s richest business magnates.

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The investment by Binance, a company that was founded barely five years ago, shows how big the crypto world has become. Binance hopes to gain more mainstream media attention through its investment in Forbes.

“This is the first step towards a market with great potential when it comes to adopting Web 3.0-based tools,” said someone familiar with Binance’s strategy.

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