Binance is all set to invest $200 million in one of the most famous business information brand forbes. Binance is by standards one of the most popular and largest blockchain infrastructure providers.
The amount of money is a good chunk of a $400 million private investment in a public equity arrangement made for Forbes to go public by merging with a special purpose acquisition company.
This deal has a phenomenal significance , indicating how Web3 companies are focusing on buying media outlets to take control of an opinion. These deals have been part of the history as time warner and AOL, At&t and time warner.
This deal has significance in more than one way as it brings Binance and media outlets on the same page. Forbes will be working for the interest of its partner.
In the past, it was the same media outlet sued for defamation in 2020 by Binance claiming that it suffered millions in losses over a single article Forbes published.
The article was suggesting that finance corporate structure is designed in a way to intentionally deceive regulators and earn furtive profit from crypto investors in the United States.
That single article made Binance go berserk and pushed them to drop a lawsuit on forbes. Binance still believes that the article is still available on the forbes website which was published on 29 october 2020.
Heather Morgan, aka Crocodile of Wall street is a well known article writer for forbes has been recently arrested along with her husband.
The Department of Justice accused them of attempting to launder $3.6 billion of Bitcoin that was previously stolen from Bitfinex.
CEO Binance shared the importance of deal with Forbes
Binance CEO Chanpeng CZ Zhao said “ As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education”
He also believes that the deal with Forbes is more about buying influence and owning people’s opinion of different subjects.
When CEO of binance asked about the heather morgan arrest he said “ Not every news agency is open for investment while nothing forbes brand , influence, reputation are very strong, strong enough to outweigh the impact of one contributing writer who happens to be a hacker in hidden life”
