Forbes, a US-based business magazine and digital publisher owned by the Forbes family and Integrated Whale Media Investments, has received a $200 million investment from Binance.
The report cited by CNBC explained that the investment “is the first step into a market that has great potential when it comes to adoption of Web 3.0 based tools”. Forbes plans to go public through a deal with Magnum Opus involving a special purpose acquisition company (SPAC).
This strategic investment will be made through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (PIPE).
“We plan to combine with Magnum Opus to go public, and that was previously announced,” Forbes said on Thursday. Moreover, the transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise value and convert readers into long-term, repeat readers.
Customers engaged with the platform, including memberships and recurring subscriptions to premium content and highly targeted offerings.
‘We look forward to strengthening Forbes’ digital initiatives, said Binance CEO, Changpeng Zhao.
Binance has proven to be successful when it comes to blockchain technology and the up-and-coming digital assets industry, according to Forbes CEO Mike Federle. “By investing in Forbes, Binance gives us access to the experience, network, and resources of the world’s leading crypto exchange and one of the world’s leading blockchain innovators,” Federle said.
The Forbes team can help Forbes become a true leader in the field of digital assets, a field that is rapidly emerging.
Using Coingecko.com’s top spot rankings and top derivatives exchanges, Binance leads both categories. Metrics on Thursday demonstrate Binance has $75.2 billion in 24-hour volumes for crypto derivatives.
Over the past 24 hours, $20.7 billion in crypto spot market trades were settled on Binance. Furthermore, Binance owns the popular cryptocurrency price aggregator and market capitalization website coinmarketcap.com.
Binance’s founder Changpeng ‘CZ’ Zhao, thinks its partnership with Forbes will help drive the digital initiatives of Forbes.
We know that media is essential in educating and understanding consumers as Web3 and blockchain technologies develop. As Forbes evolves into a next-level investment insights platform, we are looking forward to strengthening its digital initiatives,” Binance’s founder stated during the announcement on Thursday.