Binance, the world’s largest cryptocurrency exchange, is set to acquire a stake in business publication, Forbes, by Q1, 2022, as the media company doubles down on its inroad into the digital financial system, IgbereTV reports.
The crypto firm will invest $400 million in Forbes, and aside from its capital investment, Binance will also be offering advise to Forbes on Digital Assets and Web3 Strategy.
With this deal, Binance founder and CEO, Changpeng Zhao, joined the list of tech billionaires buying media assets outside their core business, from Amazon founder, Jeff Bezos, acquiring Washington Post, for $250 million.
Salesforce founder, Marc Benioff, and his wife, Lynne Benioff, purchased Time Magazine for $190 million, while several U.S community newspapers, including Los Angeles Times and the San Diego Union-Tribune were acquired with $500 million by biotech billionaire, Patrick Soon-Shiong.
The Forbes deal comes at a period the media organisation was planning an initial public offering (IPO) on the New York Stock Exchange (NYSE) after merging its operation with publicly listed company, Hong Kong-based-Magnum Opus, by Q1 2022.
Both Magnum Opus merger deal (worth $630 million) and Binance’s $400 million investment make up Forbes private investment in public equity (PIPE) before it becomes a publicly-owned organisation
