Binance to Invest $200 Million in Forbes
Financial publisher Forbes, which plans to enter the New York Stock Exchange through a merger with Magnum Opus Acquisition Limited, will receive investment from BINANCE. The crypto exchange will invest $200 million and become one of the largest investors in publishing houses.
The exchange will receive 22% of the seats on the board of directors. Upon completion of the transaction, the Forbes Board of Directors will include two representatives of Binance - Patrick Hillmann and Bill Chin.
Forbes plans to merge with Magnum Opus by the end of the first quarter of this year. At the same time, this company will cease to exist, and Forbes will enter the stock exchange, bypassing the IDO procedure.
The publisher's shares will trade under the ticker FRBS. In addition to a steady stream of revenue, Forbes plans to turn readers into regular users of the platform, who will receive premium content as well as product offers.
With Binance, Forbes will have the resources as well as opportunities to better develop in the Web 3 era. According to the head of the cryptocurrency exchange, Changpeng “CZ” Zhao, they are happy to support the financial publishing house’s aspirations to become an investment analysis platform in order to maintain its leading ability in crypto and traditional the financial sector.
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