Binance to Become Major Owner of Forbes After $200M Stake

Binance to Become Major Owner of Forbes After $200M Stake
  • Binance will be investing $200 million in Forbes.
  • This will make Binance one of the two biggest owners of Forbes.
  • Binance will also possess two board seats out of nine.

Binance announced that it will be investing $200 million in Forbes, one of the largest print and digital media publishers in the world.

The move will turn Binance into one of the two biggest owners of Forbes. Technically speaking, since Forbes will become a publicly-traded company on the New York Stock Exchange (NYSE) for $400 million, Binance will take half of the entire stake.

According to an article by Forbes, this investment is also part of its Web 3.0 strategy. Additionally, Binance will earn two board seats out of nine. Specifically, these will be Binance Chief Communications Officer Patrick Hillman and Binance Labs chief Bill Chin.

Binance CEO Changpeng Zhao said:

“As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next-level investment insights platform.”

Forbes is expected to officially become a publicly-listed company in the first quarter of 2022.

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