Binance is investing $200 million into Forbes

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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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.