Binance, the world’s largest cryptocurrency exchange, is expanding. However, this time, business chose to venture outside the cryptocurrency world completely. The platform has decided to invest in Forbes, one of the most famous digital magazines and publishing houses. The $200 million deal will assist the century-old company in integrating with SPAC.
Binance stake in Forbes
CNBC reported on February 10 that the Changpeng-led Zhao cryptocurrency exchange wants to invest $200 million in Forbes magazine, citing anonymous sources. The plan is to assist the publisher in merging with a publicly-traded particular purpose joint-stock company (SPAC).
The exchange will replace half of the $400 million in commitments from institutional investors. As a result, Binance will become the company’s second-largest stakeholder after the stock market debut.
The stock symbol “FRBS” is being proposed for a future NYSE listing for this publishing house. The CZ exchange will hold two of the nine board seats once the plan is implemented.
With a 95% stake in Integrated Whale Media Investments, Forbes has been around since September 1917. According to the magazine, it has a readership of more than 150 million people worldwide.
In the middle of last year, the company declared that it would go public. It is yet unclear which path he will follow.