Binance Backed Forbes Deal
Binance Invests $200 million in Forbes
Forbes Global Media Holdings said last week that plans to go public through a special purpose acquisition company had been scrapped. The story was first reported by the New York Times on Tuesday, citing two sources familiar with the situation.
Should everything had gone according to plan, it would have seen Forbes go public at a $630 million valuation through a merger with Hong Kong-based SPAC Magnum Opus Acquisition Ltd. (OPA). The dropdown was attributed to waning interest in the once-popular investment vehicle as a result of several recent SPACs’ poor performance, according to the Times.
Binance said in February that it will make a $200 million strategic investment in Forbes and Magnum Opus Acquisition to assist support the media company’s digital development, making it one of the top investors in the company.
Binance CEO Changpeng Zhao stated at the time that “As Web 3 and blockchain technologies advance and the crypto industry matures, we recognize that media is a critical component in fostering consumer comprehension and education. As Forbes evolves into a next-generation investing insights platform, we look forward to supporting their digital endeavors.”
“We’re continuing to explore all viable possibilities and look forward to working with the leadership team at Forbes in the months ahead,” a Binance spokeswoman told CoinDesk late Tuesday.
Meanwhile, according to Axios, the transaction had until the end of business Tuesday to file papers with the Securities and Exchange Commission in order to conclude its merger. If no paperwork is filed, either side can walk away from the agreement.