Forbes revealed that Binance’s stake represents half of the USD $400 million considered as public equity investment for the round it organized (PIPE) in August 2021.
The media outlet’s plans were to raise such capital to list on the stock exchange through Magnum Opus, a SPAC operating based in New York City.
In this regard, the Forbes team wrote:
“With Binance assuming existing PIPE commitments, the total size of the raise will remain at $400 million, and Binance’s investment will be made on substantially the same terms as existing investors”.
Among the terms of the agreement set forth, the deal is expected to be finalized sometime next March, and once it becomes effective, Patrick Hillmann, director of communications at Binance; and Bill Chin, director of Binance Labs, will join Forbes’ board of directors.
This investment represents one of the most significant that Binance has made outside the cryptocurrency space, this time in one of the most reputable international financial media.
In this regard, a Binance spokesperson commented in an interview for The Block as follows:
“First of all, this is a financial investment in the media industry. Web2 had a profound impact on the media sector and, at Binance, we believe that Web3 can have an equally important role to play in the future of journalism…”
“As cryptocurrencies and Blockchain continue to develop and become more widely used, it will be important to generate greater understanding, awareness and widespread education among consumers about the opportunities that exist”.
