Cryptocurrency exchange Binance has recently invested $200 million in media company Forbes, the publication has reported.
The deal is part of a plan by Forbes and SPAC company Magnum Opus to list Forbes in the first quarter of 2022.
Forbes’ plans to go public through a merger with a SPAC company became known in April 2021. In August 2021, Forbes officially confirmed its plans to go public.
The relationship between the media company and the cryptocurrency exchange has not always been good. For example, in November 2020, Binance in New Jersey filed a lawsuit against Forbes Media and two of its journalists, Michael del Castillo and Jason Brett, for reportedly publishing a slanderous article, and expects to recover compensation from them.
The article was published in October 2020. In it, Forbes accused Binance of creating a complex structure to evade regulatory requirements and stealthily profit from US investors. The CEO of the crypto exchange, Changpeng Zhao, said that all the statements and accusations were untrue “stuffing.” In early 2021, the exchange withdrew its lawsuit against Forbes.