Binance Invests Millions of Dollars in Forbes SPAC Merger

• Binance is on the verge of acquiring $200 million in Forbes stakes, as it touts the magazine publisher as an essential tool for web 3.0
• Binance will merge with the blank-check company Magnum Opus in a $400 million takeover deal.
• Forbes will list on the New York Stock via SPAC as FRBs in the coming months.

Binance SPAC Merger

Major crypto exchange Binance will invest about $200 million into Forbes to ease a special purpose acquisition purchase (SPAC) of the 104-year old magazine publisher. The recent investment means the crypto exchange is now one of Forbes’ two most significant stakeholders. It also implies that Binance will have two executives join Forbes’ nine-member board. As it stands, Binance’s head of Binance Labs, Bill Chin, and Chief Communications Officer,  Patrick Hillman, will occupy these positions in the coming weeks once the deal is completed.

The deal, while seemingly sudden, was not strictly secret. Forbes owners have decided to have the magazine go public known since April 2021. In the early months of Q1 2021, Forbes was reported to have courted investment company Borderless Services Inc and a Hong Kong-based investment group for private investment.

By August, Forbes announced a bulk of shares available for sale to several companies while touting a possible deal with a SPAC. After other investors dropped out, Binance stepped up to acquire half of the total amount allocated ($400 million) by the media company.

Investors have grown cautious of SPAC deals, especially regarding the recent stock market collapse. This explains their hesitance to invest and makes Binance’s acquisition more significant. Binance purchase also means Forbes can finally achieve a long-desired goal of going public. According to its CEO, the exchange will be performing a lifelong dream too.

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What this Means for Binance

Following the deal’s announcement, Binance’s CEO Changpeng Zhao said he was confident of Forbes’ role in digital marketing for Web 3.0 evolution shortly. The Binance team sees room for growth in that area they intend to exploit.

This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools,” CZ enthused. 

Forbes was established in 1917, and Binance’s quick rise and acquisition of a century-old establishment is a testament to crypto’s increasing influence. However, it is more telling that Forbes owners and leaders are confident in Binance’s vision for the magazine.

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According to Forbes CEO Mike Federie, the seasoned magazine could grow to be an essential cog in the education and traction of the decentralized internet. Federie says the magazine now intends to dedicate its efforts to bringing clarity to the complex aspects of blockchain technology. Forbes will also offer valuable information about the crypto industry and other forthcoming virtual assets.