Business magazine brand Forbes and Magnum Opus, a SPAC (special purpose acquisition corporation) have announced a $200m investment from Binance, a crypto currency exchange.
Binance’s investment is through its assumption of subscription agreements representing $200m of commitments in the $400m private investment in public equity (“PIPE”), previously announced with Forbes’ plan to IPO by merging with Magnum Opus. The IPO is expected to complete by March.
There had been speculation last month that the Forbes stock market listing was in doubt following the lacklustre listing of Buzzfeed at the end of 2021. Axios had reported that US investment company GSV was interested in buying Forbes outright, with Chinese parent company Integrated Whale Media keen to divest.
