Binance, the world’s biggest cryptocurrency exchange, is making a $200 million investment in Forbes, reports Hugh Son of CNBC.
Son reports, “The funds will help Forbes execute on its plan to merge with a publicly-traded special purpose acquisition company, or SPAC, in the first quarter, according to people with knowledge of the deal.
“Investors have grown skeptical of SPAC deals generally, and media deals in particular, in recent months amid the broader stock market retrenchment. Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August, said the people, who declined to be identified before the transaction is announced.
“That will make Binance one of the top two biggest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker ‘FRBS,’ the people said. The crypto company will also get two directors out of nine total board seats, they said.”
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