The news was today announcedtoday at Forbes by the publicly traded special purpose acquisition company Magnum Opus Acquisition Limited.
According to the announcement
“Binance will make strategic investments through Binance’s assumption subscription agreements that represent [USD] 200,000,000 of commitments in [USD] 400M private investment in public equity (“PIPE”), which was previously announced in conjunction with Forbes’ intention of going public via a business merger with Magnum Opus.”
These companies refer to an earlier announcement in which Magnum Opus and Forbes announced that they will search for “a business combination” that would allow Forbes to become a publicly traded company on the New York Stock Exchange.
They stated that Binance will assume existing PIPE commitments so that the total size of the PIPE remains at USD 400m.
This quarter is expected to see the successful closing of “the transaction in business combination”.
Further, the announcement stated that:
Forbes expects the Magnum Opus, Binance transactions to increase its brand and enterprise value. Forbes will also use its proprietary technology stack to analyze and convert readers into long-term customers. This includes memberships and recurring subscriptions for premium content and highly targeted product offers.
Forbes CEO Mike Federle was quoted saying that Forbes is currently working to “demystify the complexities” around blockchain and digital assets. Binance’s investment has given Binance the opportunity to invest, which means that the company now has the “experience, network, and resources” of a major exchange.
Forbes and Binance both claim they want to educate the public about crypto and blockchain. Federle said that Forbes could become “a true leader” in the field of digital assets with Binance’s support. Changpeng Zhao, the CEO of the exchanges, stated that “As Web 3 technology and blockchain technologies advance and crypto market becomes mature, we know media is an essential component to build widespread consumer understanding.
As part of the transaction, Patrick Hillmann (Chair of Communications for Binance) and Bill Chin (Head of Binance Labs), the venture capital arm of Binance and incubator of Binance will be joining the Forbes Board of Directors.
