Binance’s investment comes as Forbes moves towards the final stages of its merger with Magnum Opus Acquisition Limited, a Hong Kong-based publicly-traded blank check company.
Cryptocurrency exchange Binance is investing $200 million in Forbes, one of the largest and oldest magazine publications in the world, the media firm said on Thursday.
According to the report, the world’s largest crypto exchange by trading volume is making the investment ahead of Forbes’ plans to go public via a special purpose acquisition company (SPAC). The company in question is Magnum Opus Acquisition Limited, a Hong Kong-based publicly-traded blank check company.
Binance’s investment, reports suggest, replaces 50% of the $400 million the century-old media company has received as part of private placement commitments. In total, the magazine expects to raise about $600 million before the deal concludes.
Forbes announced its plans for a merger with the SPAC company in August 2021 and expects the deal to conclude by the end of March.
The merger will see the new entity retain the current Forbes management team, with a listing on the New York Stock Exchange (NYSE).
Forbes has a footprint in 76 countries, reaching over 150 million people.