One of the world’s largest crypto exchanges, Binance, is reported to take a $200m (£147.6m) stake in Forbes, the 105-year-old global media company owned by Integrated Whale Media Investments and the Forbes family.
Sources who are knowledgeable about the deal are of the opinion that the funds will assist in Forbes on executing its plan to merge with a SPAC (special purpose acquisition company).
Though Forbes has commented on the deal with a positive vibe stating that it would be able to become a leader in providing information about digital assets, the news has sparked some speculations. It mostly arises from the potential conflicts of interest between the two entities. Binance litigated Forbes in 2020 for defamation, though it dropped the case later.
Another notable observation from analysis is that crypto assets are vulnerable to manipulation by celebrities and media hype. This should provoke sufficient warnings from regulators around the world. Moreover, Investors are now increasingly doubtful of SPAC deals generally, and media deals especially, due to the recent stock market retrenchment.
Changpeng Zhao (commonly known as “CZ”), the Chinese-Canadian business executive and founder of Binance, stated that he saw media as “an essential element to build widespread consumer understanding and education” of the crypto market and evolving blockchain technologies.
Forbes has reportedly commented that the new deal will not alter its focus areas. This deal will facilitate the growth of its existing digital assets team and “some other beats” to grow over time. Spokesman Bill Hankes told the BBC, . “Forbes has been fiercely independent for more than a century, regardless of our and that is not changing.” “The integrity of our trusted journalism is our most important brand asset.”
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